Fenway Sports Group has been in discussions to purchase a majority stake in the Cadillac Formula 1 entry, according to people briefed on the matter. The proposed transaction would transfer control of the team that entered the world championship this season from TWG Global, the holding company controlled by Mark Walter, into the ownership group best known for Liverpool FC and the Boston Red Sox.
Who is selling and why it matters
The team was launched as a joint venture between General Motors and TWG Global. TWG, through its TWG Motorsports arm, holds the controlling interest that is now the subject of the talks. Mark Walter has been reducing his portfolio of sports assets this year, a process that has included the sale of TWG stakes in other properties and has unfolded against public allegations concerning his business affairs. The potential change of control would remove TWG as the majority operator of the F1 project while leaving the carmaker partner in place.
Why Fenway Sports Group wants in
FSG already owns significant sports assets across multiple leagues and has been acquisitive in recent years. A move into Formula 1 would broaden the group’s footprint into the world championship’s team-ownership ranks and align FSG with the global commercial reach that F1 offers. The discussions signal FSG’s appetite for high-profile, global sports investments and an interest in motorsport as a complement to its football and baseball holdings.
Deal terms and scale
Reports put the price tag for a majority stake at more than £2bn. That figure reflects the costs of building and running an F1 team at the current level, the value of a guaranteed entry and the commercial upside of the sport’s expanding global audience. The conversations appear to target a full transfer of the controlling share rather than a minority investment, which would give the buyer operational control and the ability to direct long-term strategy.
Assets in motion
- TWG sales: TWG Global has already pared back holdings this year through several high-profile transactions, moves that are part of a wider reshaping of Walter’s sporting portfolio.
- Other disposals: Those sales included the transfer of TWG’s controlling interest in the Los Angeles Lakers and the sale of a reported 13% stake in Chelsea.
- WNBA team also listed: TWG has been reported to be exploring offers for the Los Angeles Sparks.
Implications for the team and partners
For the F1 operation itself, new majority ownership would likely produce change at the board and executive levels as the buyer sets strategy for competitiveness and commercial growth. General Motors would remain a key partner as the carmaker supplies the manufacturer name and technical resources that underpin the team’s identity. Any sale must also satisfy Formula 1’s governance processes for changes in operating control.
Next steps and timeline
At this stage the discussions are described as exploratory. A reported asking price and the size of the stake under negotiation suggest this would be a complex, multi-month process involving due diligence, regulatory clearances and shareholder agreements. Until terms are signed, the team will continue to operate under its existing ownership structure while the parties assess the commercial and sporting terms of a transfer.
The negotiation follows a year of high-profile moves by TWG and underlines the growing intersection between legacy sports owners and the commercial opportunity presented by Formula 1’s global expansion.
