Liverpool owner FSG holds talks over buying majority stake in Cadillac F1 team

Deal would be worth more than £2bnCadillac are jointly owned by Mark WalterLiverpool’s owner, Fenway Sports Group, has held talks about buying a majority stake in the Cadillac Formula One team for more than £2bn as Mark Walter continues to sell off his sporting assets amid allegations of insurance fraud.Cadillac entered F1 this year as a joint venture between General Motors and Walter’s TWG Global, which sold its controlling interest in the NBA’s Los Angeles Lakers and a 13% stake in Chelsea this summer, and is also looking to sell Los Angeles Sparks, the WNBA team. Continue reading…

Liverpool’s owner, Fenway Sports Group, has held talks about buying a majority stake in the Cadillac Formula One team for more than £2bn Liverpool’s owner, Fenway Sports Group, has held talks about buying a majority stake in the Cadillac Formula One team for more than £2bn as Mark Walter continues to sell off his sporting assets amid allegations of insurance fraud. Cadillac entered F1 this year as a joint venture between General Motors and Walter’s TWG Global, which sold its controlling interest in the NBA’s Los Angeles Lakers and a 13% stake in Chelsea this summer, and is also looking to sell Los Angeles Sparks, the WNBA team.

Walter is under investigation by the US Department of Justice and the Securities and Exchange Commission, over alleged fraud involving the management of funds at his insurance companies Delaware Life, Clear Spring, and EquiTrust. TWG has said “there has been no fraud”. In the Guardian app, tap the Profile settings button