Cadillac F1’s team ownership in doubt after principal falls under SEC investigation

Cadillac’s Formula One team has been drawn into uncertainty surrounding the business interests of billionaire Mark Walter, with a federal investigation into companies linked to the TWG Global chief fuelling speculation about the future ownership of Formula One’s newest entrant. TWG Global, however, has moved to categorically deny that the Cadillac team or any of its other motorsport properties is being considered for sale.

Walter’s business empire is facing scrutiny from US federal prosecutors and the Securities and Exchange Commission (SEC) over financial dealings involving insurance businesses and affiliated companies. The investigation is examining whether financial connections were properly disclosed when billions of dollars were borrowed from insurers controlled by Walter’s businesses. No charges have been filed, and the investigation does not involve the Cadillac Formula One operation itself.

TWG rejects sale speculation

The ownership questions gained momentum after Walter agreed to sell the Los Angeles Lakers in a transaction valuing the NBA franchise at a reported $12.5 billion. Reports have also suggested that he has been considering the sale of his stake in English Premier League club Chelsea, prompting speculation that other sporting assets within his portfolio could eventually be reassessed.

TWG has sought to shut down such speculation as far as motorsport is concerned. In a statement provided through Cadillac at the Dutch Grand Prix, the company said it was not considering selling the Cadillac F1 team or any other part of TWG Motorsport. The portfolio extends well beyond Formula One and includes Andretti Global operations in IndyCar and Formula E, along with interests in NASCAR, IMSA and Australian Supercars.

Cadillac competes under the General Motors banner, but GM is not the majority owner of the Formula One operation. The controlling interest is held by TWG Motorsport, a subsidiary of Walter’s TWG Global. That corporate structure means scrutiny surrounding Walter’s wider financial empire has inevitably raised questions about one of Formula One’s most ambitious new projects.

Federal probe puts finances under spotlight

At the centre of the investigation are financial relationships involving insurance companies controlled by Walter’s business network. Federal prosecutors and the SEC are examining whether certain private-credit investments presented as unaffiliated were, in reality, connected to Walter’s companies. Delaware Life Insurance and Clear Spring Life and Annuity received grand jury subpoenas in February as part of an investigation by the US Attorney’s Office for the Southern District of New York, while the SEC has been conducting a parallel investigation.

Delaware Life subsequently conducted an internal review and identified errors concerning the presentation of some related-party investments. TWG Global announced this week that up to $6.5 billion of Delaware Life investments linked to Walter’s businesses would be exchanged for an equivalent amount of assets classified as independent. S&P Global has also revised its outlook on Delaware Life to negative after the insurer restated financial statements and reclassified a substantial amount of private-credit investments.

TWG has maintained that the capital positions and liquidity of its Group 1001 insurance companies remain strong and said it is working with the Delaware Department of Insurance to address the issues identified.

Cadillac undergoing changes on track

The ownership speculation comes at a significant moment for Cadillac’s fledgling Formula One operation. The team recently replaced founding team principal Graeme Lowdon with former Renault executive Marcin Budkowski after its first 11 races without scoring a championship point. Cadillac driver Sergio Perez described the leadership change as evidence of the organisation’s determination to accelerate its progress.

TWG Motorsports chief executive Dan Towriss, who has played a central role in building the Cadillac project, was not at the Dutch Grand Prix, although reports said his absence was because he was attending an IndyCar event in Washington. Towriss has also served as chief executive of Group 1001, one of the financial businesses within Walter’s wider corporate network.

Cadillac entered Formula One in 2026 as the championship’s 11th team after years of efforts to secure a place on the grid. Its arrival represented a major expansion of American involvement in the championship, combining General Motors’ Cadillac brand with TWG’s motorsport investments.

Team itself not part of investigation

Despite the growing attention around its owners, there is currently no indication that Cadillac F1 itself is under investigation. Reports on the federal and SEC inquiries have focused on Walter’s financial and insurance interests and the disclosure of relationships between affiliated businesses. No charges have been brought against Walter, and TWG has publicly maintained that its Formula One and wider motorsport holdings are staying put.

For Cadillac, the immediate challenge therefore remains sporting rather than corporate: turning its substantial investment into results on the track. But with federal investigators examining parts of the financial network behind its controlling shareholder, questions over the wider ownership structure are likely to remain in focus even as TWG insists there are no plans to sell the team.