Christian Horner dealt F1 return blow as team owner issues major statement

Horner in Red Bull kit looking down at his phone — Photo: © IMAGO

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Christian Horner dealt F1 return blow as team owner issues major statement

No easy route back in for Horner

Chris Deeley Editor

Experienced sports writer covering F1 and other motorsports since 2023

Saturday 29 August 2026 10:58

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Christian Horner just can't catch a break.

The former Red Bull supremo has been looking for a way back into F1 since more or less the moment he left it, but fewer avenues have opened than he may have initially hoped.

Then, out of nowhere, came the news that Mark Walter – founder of TWG Global, whose subsidiary TWG Motorsports owns the Cadillac F1 team – had sold the LA Lakers for $12.5bn just a year after buying them, and was the subject of a federal investigation regarding the insurance companies which are the predominant source of his fortune.

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News that he was looking to sell his stake in Chelsea FC followed in short order, leading to some speculation that the American – who also owns the reigning World Series champion LA Dodgers and NASCAR team Spire Motorsports – could be in the process of getting out of the sports business in speedy fashion while the investigation continues.

With Horner and some associates looking to buy into an F1 team, a sale by TWG would provide the perfect opportunity to take advantage of an unexpected situation.

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Cadillac sale possibility shut down

Not so, however. A lengthy statement released by TWG Global this week shut down the rumours, saying: "TWG is not looking to sell its sports assets at 'fire sale' prices to raise capital for its insurance operations."

They added later in the statement: "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."

That firm denial would appear to once again leave Alpine as Horner's only realistic route back into the sport, with Renault's power of veto over the sale of Otro Capital's 24 per cent stake in the team ending on September 13, with 'reduced influence' over a potential sale after that date.

Otro had been demanding a higher price for their portion of the French team than expected, with Mercedes withdrawing from negotiations – after which Alpine's de facto boss Flavio Briatore said of the negotiations: "I don't think the Otro people are fair."

TWG Global's statement

TWG's statement reads, 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 Marcin Budkowski.

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Chris Deeley - Editor

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