Fenway Sports Group (FSG), the ownership group behind Liverpool Football Club, has held talks about purchasing a majority stake in the Cadillac Formula One team in a transaction reported to be worth in excess of £2 billion.
Cadillac entered the F1 championship this year as a joint venture between General Motors and TWG Global, the investment vehicle controlled by financier Mark Walter. The proposed acquisition would see FSG take a controlling interest in a team that made its debut in the sport this season.
The discussions come as Walter, through TWG Global, has been reducing his sporting holdings. This summer TWG sold its controlling interest in the NBA’s Los Angeles Lakers and a 13% share in Chelsea Football Club, and it is also reported to be seeking a buyer for the Los Angeles Sparks of the WNBA.
Walter has faced allegations of insurance fraud, and the reported disposal of assets has taken place against that backdrop. It is not clear whether the talks between FSG and the Cadillac ownership group will lead to a formal offer or completed transaction, nor have any terms been publicly confirmed.
A purchase would transfer majority control of a newly established F1 team to one of the sports industry’s prominent ownership groups. Any move by FSG into Formula One would follow its long-standing involvement in other major professional sports, although details about how the team would be operated under new ownership have not been disclosed.