FSG in talks to buy majority stake in Cadillac F1 for more than £2bn

Talks, not a deal

Sportico reported that Mark Walter is seeking at least $3bn for his Formula One interests, citing three people familiar with the process. At least seven parties had expressed interest, it said. The Guardian reported on 4 November 2026 that FSG is among them and has held talks about a majority stake worth more than £2bn.

TWG Global, Walter's company, has denied that a sale is imminent. FSG declined to comment on its investment plans.

A change of control at Cadillac would put one of the world's strongest sports organizations into F1's newest and weakest team. It would test whether Liberty Media's franchise model holds when an owner needs cash quickly, and for the other ten teams the question is whether this sale sets a new floor for entry prices.

Why a buyer wants in

Formula One's annual revenue has more than doubled to $4bn since Liberty Media bought the sport in 2017. The American market is the draw, according to the Guardian.

The partners paid a $450m dilution fee to enter the championship and invested at least another $1bn in building the operation. According to Sportico, Cadillac is expected to record roughly $400m in losses in its debut season. A commentary piece for Backfire Racing argued that the engine programme, not the team, is the asset with the longest runway. The FIA approved GM Performance Power Units LLC as a power unit supplier from 2029 in April 2025. Yahoo Sports reported that GM expected to produce its own engines from around 2028. Until then Cadillac runs Ferrari power units under a deal announced on 11 December 2024.

The record on track

Cadillac entered F1 this year as a joint venture between GM and Walter's TWG Global. After 19 rounds it has no points and sits last in the constructors' championship. Bottas is 23rd in the drivers' standings and Perez 24th. The team's best finish is 13th, by Bottas in China, where Perez finished 15th.

The drivers have combined for 14 retirements. None of that is a shock for a new team. Cadillac has been planning past it: on 28 October it extended Perez's contract until at least 2029, the year the GM engine is due.

Why Walter is selling

Walter is under investigation by the US Department of Justice and the Securities and Exchange Commission. The alleged fraud involves the management of funds at his insurers Delaware Life, Clear Spring and EquiTrust. TWG says there has been no fraud.

TWG sold its controlling interest in the Los Angeles Lakers and a 13% stake in Chelsea this summer. Walter has said the Los Angeles Dodgers will not be sold. FSG has also been reshaping its portfolio. It sold 38% of Liverpool this summer to 1892 Holdings, a consortium led by Amit Bhatia that includes Jeff Bezos and Eduardo Saverin. FSG said it would retain majority ownership and operational control. The deal valued Liverpool at £5.5bn against the £300m FSG paid in 2010. The Boston Globe reported FSG sold the Pittsburgh Penguins for about $1.75bn this summer, though the Guardian lists the Penguins among its majority stakes.

What happens next

MLB owners meet in New York later this month, which would give Walter and FSG principal owner John Henry a chance to talk in person. Cadillac races next at the Sao Paulo Grand Prix.

The size of the stake and the split between the two owners have not been made public.