Cadillac Formula One Team Deny Ownership Change Rumors Amid Executive Shifts

TWG Global has confirmed that there will be no changes in the ownership of its motorsport properties, including the Cadillac Formula One team. Despite rumors surrounding the sale of other sports assets owned by billionaire Mark Walter, the Cadillac team remains secure amidst leadership changes and competitive aspirations.

TWG Global announced that its motorsport properties, specifically the Cadillac Formula One team, will not undergo ownership changes, countering speculation about billionaire CEO Mark Walter's asset restructuring after the Los Angeles Lakers sale.

Reports suggest Walter is negotiating to sell his stake in Premier League's Chelsea, but TWG clarified its commitment to keeping the Cadillac F1 and other motorsport ventures intact. The firm, which co-owns Cadillac's F1 team, also has investments in IndyCar, Formula E, NASCAR, and Australian Supercars. Walter's sports portfolio includes the Los Angeles Dodgers and Sparks.

In an executive reshuffle, Cadillac Formula One team appointed Marcin Budkowski as the new principal, succeeding founding leader Graeme Lowdon. The team has yet to score points in the current season, but Mexican driver Sergio Perez stressed this leadership change reflects Cadillac's ambition to progress quickly in the competitive circuit.