Huge news for Cadillac F1: Team falls immediately under new company
F1 News
- Ludo van Denderen
With immediate effect, Cadillac's new Formula 1 team will become part of TWG Motorsports, a new branch of TWG Global. It also includes Andretti Global (which competes in IndyCar, Formula E and Indy Nxt), Spire (NASCAR Cup), Wayne Taylor Racing (IMSA), and Walkinshaw Andretti (Australian supercars).
TWG Motorsports is a new division of TWG Global, which is also part owner of baseball team LA Dodgers and football club Chelsea. Incidentally, this new structure - with an umbrella company that includes all motorsports activities - has not come out of the blue.
New company comes as no surprise
When Michael Andretti stepped down from Andretti Global late last year, Andretti's racing businesses merged with those of TWG Group, which came under the leadership of businessman Dan Towriss. Towriss, CEO of Group 1001 Insurance (with $66 billion in assets under management), has now also been appointed CEO of the new company TWG Motorsports.
Co-chairman Mark Walter of TWG Global says he is happy with Towriss as the top man within the new division: "Dan has been instrumental in forming the landmark Cadillac Formula 1 team in partnership with General Motors and acquiring for TWG Global a broad racing portfolio that includes Andretti Global, Wayne Taylor Racing, and Spire Motorsports. We’re excited to see these teams united under the TWG Motorsports umbrella and Dan’s leadership," Walter said.
This article was written in collaboration with Olly Darcy
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