Cadillac F1 owners come out fighting with stunning new statement over US federal investigation

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Cadillac F1

Cadillac F1 owners come out fighting with stunning new statement

They are hitting back

Graham Shaw Consultant Editor

Digital sports specialist running global brands for 30 years

Wednesday 26 August 2026 17:45

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Cadillac F1 team owners TWG Global have come out fighting with a stunning new statement as rumours continue to swirl about an ongoing US federal investigation.

TWG - and by design Cadillac (owned by its subsidiary TWG Motorsports) - were suddenly major headline news earlier this month when news broke of the ongoing investigation into founder Mark Walter.

The investigation, which is into insurance companies owned by the 66-year-old Walter, hit the headlines when he sold iconic NBA franchise the Los Angeles Lakers for a record $12.5billion just a year after buying the team for $10billion.

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Walter was also reportedly in talks to sell his 13 percent stake in Premier League football club Chelsea to majority owner Clearlake Capital.

This led to speculation that the Cadillac team - currently in its first season in F1 - could be offloaded too but TWG categorically denied that in a statement.

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Cadillac hit back with strongly-worded statement

Now, exactly one week on, we have a new statement issued by TWG Global and it is both stunning and strongly-worded, with the company claiming it wants to 'correct the record on substantial speculation and misinformation regarding recent corporate developments at TWG and its affiliates'.

The statement read in full: "Over the past several weeks, multipronged attacks against TWG have been advanced by unnamed sources with self-serving interests that have been reported in the media.

"It is important to set the record straight. TWG stands firmly behind the integrity of its business and remains focused on continuing to deliver value to its stakeholders.

"Despite what has been reported, there has been no fraud.

"As it relates to Guggenheim, while the investigations originated with a whistleblower concern, TWG and Guggenheim have demonstrated there was no wrongdoing.

"Guggenheim’s auditor has also issued unqualified audit opinions, including with respect to the revenue at issue for both 2024 and 2025.

"As it relates to Group 1001, at its core this is a regulatory matter with a straightforward plan that has been submitted to its regulator to promptly eliminate all of the affiliate exposure at the Group 1001 insurance companies.

"There is no victim here. No one has been harmed, and no one has claimed they were harmed.

"TWG is committed to working with the U.S. Department of Justice and the Securities and Exchange Commission to resolve their inquiries.

"TWG and the Group 1001 insurance companies have presented a plan to address any regulatory concerns.

"TWG and the Group 1001 insurance companies are working cooperatively and in partnership with the Delaware Department of Insurance (“DOI”) to address the identified affiliated investments and ensure they are treated in accordance with applicable regulatory requirements.

"The DOI is currently evaluating a plan filed by Group 1001 to address these matters. This is a straightforward plan to reduce affiliate exposure on the books of the insurance companies in an orderly, measured manner that is beneficial to both the insurance companies and TWG.

TWG says 'looting' insurers claims are false

"Affiliated transactions are common across the insurance industry and suggestions that TWG is “looting” insurers is defamatory and false.

"Affiliated transactions are commonplace in the insurance industry, widely permitted subject to applicable regulatory requirements, and a part of the insurance industry’s normal course of business.

"Affiliated transactions should be properly disclosed, but to state that they “generally” have the potential to “loot” the insurer is untrue.

"The reality is that Group 1001 has invested in real assets that are performing well; the insurance companies have recognized significant income from the investments and no policyholders have lost money because of these transactions.

"As part of the plan, TWG is proposing to purchase the affiliated assets from the insurance companies, reflecting its confidence in the quality and performance of those assets.

There will be no Cadillac 'fire sale'

"TWG is not looking to sell its sports assets at “fire sale” prices to raise capital for its insurance operations.

"TWG, Mr. Walter and his partners continuously get interest from prospective buyers and co-investors in their sports assets and, as responsible owners and investors, they consider all legitimate offers when they are received.

"Regarding the proposed sale of the Los Angeles Lakers for $12.5 billion, Mr. Walter was approached by Josh Kushner and his team about this transaction and the agreement represents a 25% premium to the price paid by Mr. Walter less than a year ago (and an even higher premium to the $5.0 billion valuation Mr. Walter paid in 2021) - hardly a “fire sale.”

"Regarding the Los Angeles Dodgers, to be clear, the team is not being sold and no sale process has been initiated.

"Dodgers’ president Stan Kasten, who is the public face of the franchise, has emphatically stated this position in on-the-record interviews in no uncertain terms.

"Similarly, 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.

"The allegation that the Los Angeles Dodgers were acquired or have been funded improperly is false and not supported by the facts.

"The Dodgers transaction was subject to significant scrutiny and complied with all rules and regulations that govern the purchase of Major League Baseball teams.

"The transaction was subject to a full investigation conducted by an outside law firm on behalf of insurance regulators from multiple states, which identified no irregularities and resulted in no further action, effectively resolving the matter.

"The Dodgers have the highest revenue in baseball, and it significantly exceeds the team’s obligations to its players.

"TWG is proud of the business it has built and the enduring value it has created for its clients, investors, and shareholders over the past 20+ years.

"TWG expects significant future growth on the horizon and looks forward to continuing to deploy capital and manage a portfolio of high-quality assets as the Company has always done, with substantial liquidity and capital available across its diversified platform."

Cadillac have yet to score a point in their rookie season in F1, and recently fired team principal Graeme Lowdown and replaced him with Pole Marcin Budkowski.

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Written by

Graham Shaw - Consultant Editor

Digital sports leader with 30 years of senior level experience running global brands. Built sportinglife.com to be a behemoth in the UK as well as being in charge of the Planet Sport network of sites including planetf1.com, football365.com, teamtalk.com and planetrugby.com. Then grew goal.com to be the world's biggest soccer website in 18 languages and 37 territories. Was GM of Portals for Perform Group (now DAZN) with overall responsibility for sportingnews.com, spox.de and voetbalzone.nl.

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