Mark Walter Exploring Sale Of Cadillac F1 Team

Los Angeles Dodgers owner Mark Walter is considering a sale of another one of his prized assets amid an ongoing federal investigation into his financial empire.

Walter has already sold his shares of the Los Angeles Lakers and Chelsea Football Club, and he is also exploring a sale of the Los Angeles Sparks.

Now, Walter is said to be open to selling his Cadillac Formula 1 team, according to Kurt Badenhausen of Sportico.

Mark Walter is shopping his Cadillac F1 team with an asking price of at least $3 billion, according to three people familiar with the process. There are at least seven parties interested in the team, which is wrapping up its Formula 1 season.

This is a major change for Walter, who intended to keep his F1 team. In a previous statement released in late August by TWG Global, which is owned by Walter, the company ruled out the possibility of selling their shares in the Cadillac Formula 1 team or “any other part of TWG Motorsports.”

That same statement also said the Dodgers are “not being sold, and no sale process has been initiated.”

Walter and Dodgers officials have continued to publicly state the storied baseball franchise is not and will not be for sale. However, with the F1 team now available, it continues to stoke the flame that the Dodgers will eventually become available and raises questions about what makes their statements that the Dodgers won’t be sold believable.

Walter’s sale of the Lakers and Chelsea both came together quickly as well. The agreement to sell the Lakers took just a few days to reach after he purchased the team less than a year ago, showing how quickly things have been changing for Walter since the investigation began.

Walter reportedly has to repay roughly $20 billion by the end of the year while there is an ongoing parallel investigation by the Federal Bureau of Investigation and by the U.S. Securities and Exchange Commission for alleged tax fraud involving insurance companies tied to his TWG Global.

Despite the financial issues plaguing Walter, the Dodgers continue to assure fans it’s “business as usual” within the organization.

Mark Walter’s sports assets

After selling the Lakers and Chelsea, Walter owns shares in the Dodgers, Sparks, Cadillac F1 team and other auto racing teams, and Professional Women’s Hockey League. Although it seems like the Sparks and Cadillac F1 are soon to join the Lakers and Chelsea with new owners.

At this point, it’s impossible to completely rule out Walter selling the Dodgers at some point, although that would most certainly be the last case scenario.