Mark Walter’s sports portfolio appears to be in motion again, and this time the next piece on the block could be his Formula 1 team.
According to Kurt Badenhausen of Sportico, Walter is shopping Cadillac and is seeking at least $3 billion for the team. Cadillac is the newest outfit on the grid and currently fields Sergio Perez and Valtteri Bottas, though Bottas could lose his seat if the team turns to American driver Colton Herta.
The timing is notable because Cadillac has had a rough start in its rookie season. The team sits dead last in the standings, with neither car having finished in the top 10 of a race to score a point.
That makes Walter’s willingness to move on feel especially surprising after the long push to get Cadillac into Formula 1 in the first place. It also runs against what TWG Global said in August, when the company pushed back on the idea that Walter was looking to exit.
“TWG is not considering exiting its stake in the Cadillac Formula 1 team or any other part of TWG Motorsports and has also stated this position on-the-record,” the company said at the time.
Since then, though, the picture has changed. Walter has already agreed to sell the Los Angeles Lakers to Bob Iger and Josh Kushner, and he is also expected to part with his stake in Chelsea FC. The Los Angeles Sparks of the WNBA are believed to be next.
The reason for the selloff traces back to a whistleblower complaint last year that alleged improper self-dealing, accusations Walter’s company denies. Details of the investigation remain limited, and no charges have been filed. Still, the possibility that Walter and his companies may need to repay billions in loans could help explain why the exits are happening so quickly.
If Cadillac goes, Walter would still hold onto the Dodgers and the Professional Women’s Hockey League, along with a stake in the Billie Jean King Cup in women’s tennis.
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