Liverpool owners in talks to buy Cadillac F1 team as $3bn sale emerges

Fenway Sports Group, the owner of Liverpool FC and the Boston Red Sox, is one of the parties interested in buying a majority stake in the Cadillac Formula 1 team according to reports.

The interest has surfaced as Mark Walter's TWG Global looks for buyers for its controlling stake, less than a full season into the team's life on the grid.

The sale talk began with Sportico, which reported on 2 November that Walter wants at least $3 billion for the team. Citing three unnamed sources, the outlet counted at least seven possible buyers.

The Guardian then reported that FSG had discussed a majority deal worth more than £2bn, and the Wall Street Journal named the group as one of several suitors in talks to buy part of Walter's stake.

In August, after Walter agreed to sell his controlling stake in the Los Angeles Lakers, TWG moved to end speculation about the F1 team. At the time, the company said: "TWG is not considering exiting its stake in the Cadillac Formula 1 team or any other part of TWG Motorsports." TWG has since said that a sale is not imminent, and FSG declined to comment on its investment plans.

FSG is no stranger to motorsport, as it already owns half of the NASCAR team RFK Racing. In the summer, it sold 38 percent of Liverpool to a consortium that includes Jeff Bezos and Eduardo Saverin, a deal that valued the club at £5.5 billion. According to the Guardian, the group has been "attracted to F1 by the sport's remarkable growth over the last decade, particularly in the US."

It remains unclear how much of the team would actually change hands. General Motors holds an undisclosed minority share in the team, supplies infrastructure and staff, and is developing the team's future power units.

Sergio Perez, who recently signed a contract to stay with the team until 2029, does not expect the team's day-to-day running to change. Speaking ahead of the Sao Paulo Grand Prix, the Mexican said GM's involvement gives him confidence.

Valtteri Bottas is in a less settled position. Cadillac has not yet confirmed its 2027 line-up, and Colton Herta is due to drive in FP1 at Interlagos to earn the final point he needs for a super licence.

The sale comes as Walter sells off much of his sports portfolio. As well as agreeing to sell the Lakers, he has sold a 13 percent stake in Chelsea and is looking for a buyer for the WNBA's Los Angeles Sparks. According to the Wall Street Journal, the US Department of Justice and the Securities and Exchange Commission are investigating lending between TWG-owned insurance companies and Walter's other businesses. TWG Global has denied any wrongdoing.

Getting Cadillac onto the grid was expensive. Sportico reports that TWG and GM paid a $450 million dilution fee and put in at least another $1 billion, and that the team is on course to lose around $400 million this year. That money has not yet brought results on track. Cadillac is bottom of the constructors' championship and remains the only team without a point.