F1 team owner in record $12.5bn sale

Mark Walter waves to the crowd at an MLB game — Photo: © IMAGO

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F1 team owner in record $12.5bn sale

Mark Walter has made a very quick profit

Dan Ripley Global Editor

Professional F1 journalist and analyst

Thursday 13 August 2026 08:58 Updated: 15:42

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F1 team owner Mark Walter has sold the NBA basketball team the LA Lakers for an incredible $12.5bn (£9.3bn).

The sale comes less than a year after Walter, who with TWG owns the Cadillac F1 team, bought the Lakers for $10bn (£7.45bn) from the Buss family in a then record deal in October 2025.

That makes a tidy 25 per cent profit from his investment in just 10 months, with Josh Kushner, the brother of US president Donald Trump's son-in-law Jared, and a former Disney chief Bob Iger now taking a controlling interest in the huge basketball team.

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Walter sells to Kushner and Iger

Kushner and Iger said in a statement: "As lifelong NBA fans, we are deeply honoured for the opportunity to become stewards of the Los Angeles Lakers, one of the most iconic sports franchises in the world.

"We have immense respect for the leadership and vision of Jerry and Jeanie Buss.

"Our long-term commitment is to build on that foundation, compete at the highest level, and serve this extraordinary team, its fans, and the city of Los Angeles."

Cadillac axe team boss

The news comes on an extraordinary day for Walter's Cadillac team who made the shock decision to axe team principal Graeme Lowdon with less than a year into the team's first season.

The former Manor F1 boss has been replaced by the experienced Marcin Budkowski, who will take charge with immediate effect and in time for the Dutch Grand Prix at Zandvoort on August 23 when F1 returns from its summer break.

Sitting bottom of the constructors' championship, Cadillac with the driver pairing of Sergio Perez and Valtteri Bottas are the only team yet to score a world championship point.

Mark Walter sold the Lakers on the same day Graeme Lowdon was axed at Cadillac

TWG Motorsport helped start Cadillac

Walter and TWG helped get the Cadillac F1 project off the ground through a partnership with General Motors and TWG Motorsports.

TWG's motorsport arm also operates Andretti Globak, Spire Motorsports and Wayne Taylor Racing.

Dan Towriss is the CEO of the company that has been overseeing the Cadillac operation, and made the choice to axe Lowdon.

Towriss said of Lowdon's exit: He said: "We're grateful to Graeme Lowdon for his leadership and the role he played in forming the Cadillac Formula 1 team from the ground up.

"His contributions helped establish a strong foundation in our build-up phase, and we thank him for his commitment and wish him well."

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