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Los Angeles Dodgers owner Mark Walter is once again looking to move on from one of his sports enterprises from TWG Global.
According to Kurt Badenhausen of Sportico, Walter has put his Cadillac F1 team up for sale for with an asking price of at least $3 billion.
Sportico added that there are at least seven parties interested in acquiring the team as Formula 1 is nearing the end of its season.
Walter’s F1 team is under TWG’s motorsports division, which also has teams in IndyCar racing and NASCAR.
The franchise originated last March, when it became the first Formula 1 expansion team in a decade.
The news of his Cadillac F1 Team going up for sale comes after they released a statement on August, 26. that read, “TWG is not considering exiting its stake in the Cadillac Formula 1 team or any other part of TWG Motorsports and has also stated this position on-the-record.”
Last Thursday, Walter appeared in an exclusive with Jack Harris of The California Post and told him the Dodgers were not going to be put up for sale.
“We’re going to keep the team no matter what,” Walter said to Harris. “We’re going to be winning for 10 years or more. I think our commitment to do so will be just like it has been in the past. And, you know, we don’t win every year, but we’re going to try to.”
Walter went on to say he is looking “forward to winning another World Series next year under my ownership.”
His Cadillac F1 team going up for sale comes after he agreed to sell the Los Angeles Lakers for a record-breaking $12.5 billion last summer to Joshua Kushner and Bob Iger.
On Friday, Walter and Kushner finalized the sale of the Lakers from his home in Florida.
On Thursday, Harris reported that Walter was not actively shopping the Lakers until he received an offer he couldn’t refuse.
“We just received an offer on the Lakers that was quite a good offer,” Walter insisted to Harris, “that we decided we’d pursue selling it.”
Less than a week after he sold the Lakers, he and his business partner Todd Boehly announced that they were selling their stakes in the soccer club, Chelsea FC.
The F1 season has been a disappointment for Cadillac as they have yet to score a point this year.
Last week, Sergio Perez, who is one of two drivers on the team, received a multi-year contract extension to keep him with Cadillac through the 2029 season.
This is a developing story with more to follow.
