Fenway Sports Group emerges as potential buyer of Cadillac F1 stake as TWG faces federal probe

Fenway Sports Group, the ownership group behind Liverpool FC and the Boston Red Sox, has emerged as a potential buyer of shares in the Cadillac Formula 1 team, according to a report by The Washington Post. The development comes as TWG Global — the majority owner of the Cadillac F1 operation — faces mounting pressure to sell assets following a federal probe by the US Department of Justice.

The DOJ investigation centres on whether Walter’s insurance companies, including Delaware Life Insurance Company and Clear Spring Life and Annuity, improperly invested policyholder funds in affiliated businesses. The transactions under scrutiny reportedly involve around $20 billion in loans and investments that were allegedly not adequately disclosed. TWG Global has consistently denied any wrongdoing.

Walter has already moved to sell several high-profile sports assets. He has offloaded the LA Lakers and his 12.8% stake in Chelsea, while the LA Sparks WNBA team is also listed for sale. Sports business outlet Sportico has now reported that Walter is exploring the partial sale of his majority stake in the Cadillac F1 team, with the team valued at approximately $3 billion.

TWG Motorsports, the subsidiary that controls the Cadillac F1 team, also oversees the group’s NASCAR, IndyCar, IMSA, and Australian Supercars programmes. General Motors holds an undisclosed minority share in the F1 team, supplying infrastructure and personnel while developing future power units.

FSG, led by John Henry, recently sold 38% of its stake in Liverpool FC and already has a foothold in American motorsport as a 50% shareholder in the NASCAR outfit RFK Racing. An investment in Cadillac F1 would mark a significant expansion of the group’s motorsport portfolio into the sport’s top tier.

While TWG Global initially dismissed suggestions it might sell part of its F1 team, analysts note there are plausible financial reasons why the asset could come to market if Walter is compelled to replace the related-party loans at the centre of the investigation with fresh capital. No deal has been confirmed, and the situation remains fluid.