F1 team owner looking to sell franchise for record $700m

Cadillac F1 team owner Mark Walter is reportedly seeking more than $700million for the Los Angeles Sparks and its new training facility, in what could become the most expensive franchise sale in WNBA history.

According to Bloomberg, the 66-year-old billionaire businessman is exploring a sale of the team, which he has controlled since 2014, as he continues to reshape his extensive sporting portfolio.

The proposed deal would include a new $150million training facility in El Segundo, which is scheduled to open ahead of the 2027 WNBA (Women's National Basketball Association) season.

Sports business publication Sportico has valued the Sparks at approximately $400million, although Walter's reported asking price includes the additional facility.

A sale above $700million would comfortably surpass the current WNBA record of $300million, set by Tilman Fertitta's acquisition of the Connecticut Sun.

Walter has already agreed deals involving two other high-profile sporting investments this year.

He sold his controlling interest in the Los Angeles Lakers in a transaction valuing the NBA franchise at $12.5billion, with Joshua Kushner and former Disney chief executive Bob Iger among the buyers.

He has also sold his minority stake in Premier League club Chelsea to Clearlake Capital.

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What does Mark Walter's latest move mean for Cadillac F1?

Walter is the chief executive of TWG Global, the investment group behind Cadillac's F1 operation.

The reported sale comes amid separate federal investigations into financial dealings involving insurance businesses controlled by Walter.

According to Reuters and Bloomberg, US federal prosecutors and the Securities and Exchange Commission have been investigating those dealings, including whether certain investments and their connections to other businesses under common ownership were properly disclosed.

TWG Global has denied fraud or wrongdoing and said it is cooperating with the authorities. The investigations have not established wrongdoing by Walter or TWG Global.

Despite the changes to Walter's sporting portfolio, there has been no announcement that Cadillac F1 is being put up for sale.

TWG Global previously stated that it was not considering selling its stake in Cadillac or any other part of its motorsport division.

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