TWG Global said its motorsport properties, including the Cadillac Formula One team, would not be changing ownership amid speculation about billionaire chief executive Mark Walter's sporting assets following the sale of the Los Angeles Lakers.
The Financial Times reported this week that Walter was also in talks to sell his stake in Premier League soccer side Chelsea.
"TWG is not considering a sale of the Cadillac team or any other part of TWG Motorsport,” TWG said in a statement provided to reporters by a Cadillac F1 spokesman at the Dutch Grand Prix.
TWG Motorsport is a subsidiary of Walter's TWG Global and co-owner of the Cadillac team. It also owns Andretti Global teams in IndyCar and all-electric Formula E, as well as entries in NASCAR and Australian Supercars.
Walter's other sports ownership interests include MLB's Los Angeles Dodgers and the WNBA's Los Angeles Sparks.
Former Walt Disney chief Bob Iger and investor Joshua Kushner, whose brother Jared is U.S. President Donald Trump's son-in-law, are acquiring the Lakers for a reported $12.5 billion valuation 14 months after Walter bought a majority stake for a then-record $10 billion.
Walter's financial empire faces a federal probe, according to reports last month, examining links between investments held by his insurers and affiliates.
CHANGE OF BOSS AT CADILLAC TEAM
Formula One newcomers Cadillac this month replaced their founding principal Graeme Lowdon after 11 races with Marcin Budkowski.
Budkowski was asked at a media briefing at the Zandvoort circuit whether he had sought assurances about the future before taking the job at the General Motors-backed team and replied that there had been no such discussions.
Cadillac's Mexican driver Sergio Perez said Lowdon's exit was proof of the team's ambition. The newcomers are still without a point in 11 rounds.
"I think Graeme has done a tremendous part in bringing Cadillac to where it is now, together with GM and (team chief executive) Dan (Towriss)," Perez told reporters.
"I think he's part of the history of the team and I wish him well on whatever comes next.
"On Marcin, I think it's really exciting at the same time, when you have a new leader and see his new perspective. I haven't been spending much time with him, but I think it was time to change and I think it shows that, although it's only our first year, Cadillac is really willing to move forward this team as quickly as possible."
