Walter explores sale of Cadillac F1 stake

Mark Walter is exploring a possible sale of his controlling stake in the Cadillac Formula 1 team, with an asking price of at least $3 billion and at least seven interested parties, according to reporting based on people familiar with the process. No sale agreement has been reached, and neither TWG Global nor Cadillac has confirmed a finalized deal or an imminent transaction. Walter controls the team through TWG Global, which operates the Cadillac F1 entry in partnership with General Motors. The exact ownership split between the partners has not been publicly disclosed. The reported buyer interest and price come from Sportico’s account of three people familiar with the process, rather than a public announcement by Walter or TWG. The reported exploration follows TWG’s statement on August 26 that it was not considering exiting its stake in Cadillac or other TWG Motorsports holdings. The earlier statement and the subsequent report concern different points in time; the report does not establish that the company has since agreed to a sale. TWG did not immediately respond to a request for comment on the reported process, according to one account. Cadillac joined the Formula 1 grid in...