Gone are the days when you could simply walk up to a paddock owner over coffee and find out who is buying into a Formula 1 team. As The Race reports, ownership structures have evolved to the point where the person running the team, the garage nameplate, and the ultimate money-holders can be three completely different entities. That reality sits right at the heart of the ongoing talks concerning a stake sale in Cadillac's F1 team.
While the paddock in Austin and Mexico has been buzzing, the real momentum on this story has come from American sporting and financial circles via outlets like Sportico and the Wall Street Journal. Mark Walter is handling these negotiations personally alongside a tiny inner circle, meaning staff back at Silverstone, the American facilities, or the Interlagos garage might realistically know very little. Walter has been offloading other sporting assets like his interests in the Lakers and Chelsea amid reported financial pressures and federal investigations into his insurance businesses, though TWG denies wrongdoing. Investors have been knocking on his door rather than him needing to wave a "for sale" sign, and ignoring those conversations simply isn't an option in his position.
Reports indicate that Fenway Sports Group, owners of Liverpool FC and the Boston Red Sox among others, has discussed a majority purchase. Even so, Walter's clear preference is a minority sale that keeps him firmly in control. Economic ownership and voting power are two very different things, much like Lawrence Stroll has demonstrated by bringing investors into Aston Martin while keeping his grip on governance and even deciding who sits in the second car. The crucial detail won't just be the percentage sold, but the rights attached to those shares. While exact holdings remain unconfirmed, Walter is generally understood to hold 67%, Dan Towriss 3%, and General Motors 30%.
GM's position is pivotal here, even if its exact rights remain under wraps. Any buyer must navigate a relationship with a manufacturer whose investment and long-term commitment define the whole project. Sergio Perez, speaking to media including The Race in Brazil on Thursday after signing a new long-term contract, pointed to GM as one of the biggest manufacturers while pondering whether the TWG investors wanted to cash out some of their investment. Perez suggested he doesn't think it will change any structure at all, a remark that might just betray more inside knowledge than most possess in the paddock.
Beyond Fenway, other names are naturally swirling around the new structure, with Christian Horner's mention being an absolute inevitability alongside various other wild paddock rumors. Still, Fenway looks the most likely to progress out of the named parties. The American identity is proving immensely popular, with GM management thrilled by the response when the team leans into its roots. That momentum naturally fuels the ambition for an American driver, with Colton Herta increasingly central to that push for 2027—though Valtteri Bottas has reportedly been told a route to staying remains open. When you combine an American manufacturer, a prospective American investment partner, and an American driver, the commercial logic writes itself, even if Herta will ultimately have to deliver on the track. For now, Walter aims to maximize value while holding onto his influence, and the resolution of these talks will shape Cadillac's future far more than any weekend qualifying session.
F1
F1
