Mark Walter reportedly seeking at least $3 billion for Cadillac F1 team

Sportico reports that Mark Walter, who controls Cadillac's Formula 1 team through TWG Global, is seeking at least $3 billion for the operation, with at least seven interested parties having emerged. The report cites three people familiar with the process. TWG did not immediately respond to a request for comment on the reported sale process.

The development comes only weeks after TWG said it was not considering exiting its stake in the Cadillac Formula 1 team or any other part of TWG Motorsports. The team is a partnership between TWG and General Motors, with TWG the controlling owner. Sportico says TWG and GM paid the $450 million dilution fee to enter F1 and have invested at least another $1 billion, and the team is expected to lose around $400 million in its debut season, largely because of startup costs.

The report also places the Cadillac situation within wider questions over Walter's sports holdings, following agreements to sell his Los Angeles Lakers interest and his stake in Chelsea. Sportico also reports he is exploring a sale of the WNBA's Los Angeles Sparks.