Cadillac F1 denies sale rumors amid owner's probe

Cadillac F1 has publicly denied speculation that its Formula 1 team could be sold, moving to quash rumors swirling around the financial difficulties of its majority owner, billionaire Mark Walter. The statement came on Thursday, August 20, during the Dutch Grand Prix at Zandvoort, as Walter, the CEO of parent company TWG, faces a federal investigation in the United States.

Adrian Atkinson, a General Motors executive, read a statement from TWG Global before the team's session. "TWG is not considering a sale of the Cadillac team or any other part of TWG Motorsport," Atkinson said, according to reports from the event. The clarification was issued amid reports that Walter might be looking to raise liquidity by selling assets in his portfolio, which includes the Premier League's Chelsea and MLB's Los Angeles Dodgers, to address his legal challenges.

Walter is under scrutiny from the U.S. Department of Justice and the Securities and Exchange Commission. The investigation examines an alleged fraud and cover-up scheme involving undisclosed "self-loans" estimated to be worth between $16 billion and $20 billion. Authorities reportedly believe these funds were channeled from insurance...