Cadillac denied rumors about the sale of the team.
Cadillac has denied rumors of a possible sale of the Formula 1 team after a federal investigation was launched in the U.S. against TWG Global founder Mark Walter.
The Cadillac team represents General Motors in Formula 1, but the American automaker is not the majority owner of the team. The controlling stake belongs to TWG Motorsport, which is part of TWG Global.
Rumors of a possible sale of the team arose after Walter sold the Los Angeles Lakers basketball team for a record $12.5 billion just a year after purchasing it for $10 billion. The new owner of the club is a group of investors led by former Disney CEO Bob Iger and Josh Kushner, the younger brother of U.S. President Donald Trump's son-in-law.
Against this backdrop, there were speculations that Walter might start shedding other assets, including the Formula 1 team.
However, on Thursday at the Dutch Grand Prix, General Motors CEO Adrian Atkinson, responsible for the company's motorsport communications, read a statement from TWG regarding the situation during a press meeting without any prior questions.
Adrian Atkinson: "Before we begin, I want to note that there has been quite a bit of news surrounding TWG lately. We have a statement from TWG Global.
TWG is not considering the sale of the Cadillac team or any other part of TWG Motorsport. And just for your information – Dan Tauris is not in Zandvoort because he is currently in Washington, where an IndyCar event will take place this weekend."
When journalists asked the new head of the Cadillac team, Marcin Budkowski, what he thought about this, he replied: "I have no doubt that this situation will not affect us in any way.
The new base, my appointment, key employees, whom I hope we will be able to introduce soon – all of this shows how serious the commitments and investments in the project are."
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Cadillac denied rumors about the sale of the team.
Cadillac has denied rumors of a possible sale of the Formula 1 team after a federal investigation was launched in the U.S. against TWG Global founder Mark Walter.