Fenway Sports Group in Talks for Majority Stake in Cadillac F1

Fenway Sports Group is discussing a purchase of a majority stake in Cadillac’s Formula One team, which is owned by Mark Walter’s TWG Global and co-owned by General Motors. The reported asking price is around $3 billion, but discussions are ongoing and no deal has been reached. Other potential buyers are also said to be in talks with Walter’s group.

Cadillac joined Formula One this year. The team is last in the constructors’ championship and has yet to earn a point. Its best finish so far was Valtteri Bottas’s 13th place at the Chinese Grand Prix in March. Sergio Perez recently agreed to remain with the team through 2029.

FSG’s holdings include Liverpool FC, the Boston Red Sox and NASCAR team RFK Racing. The group sold the Pittsburgh Penguins this summer and is selling more than a third of its Liverpool stake to a consortium led by Amit Bhatia. Walter has also been selling parts of his sports portfolio, among them the Los Angeles Lakers and Chelsea FC; his Dodgers and Professional Women’s Hockey League interests are not reported to be for sale. FSG declined to comment.