$3bn Cadillac price tag roasted by F1 insider - 'They're doing pretty s***'

A former F1 team principal has called a potential team sale into doubt, warning that Cadillac owner Mark Walter might struggle to offload his team at the current listed price.

The American businessman reportedly started floating the team on the market last month, targeting a $3bn sale as he continues to divest himself of some of his bigger sporting assets, having already sold the LA Lakers and his stake in Chelsea FC.

Guenther Steiner addressed the rumours on the Red Flags Podcast this week, warning that the $3bn sticker price would be far from the end of the expenses for any potential buyer.

The former Haas boss claimed that the American team's on-track struggles will create a funding black hole thanks to a lack of top-end sponsorship and prize money, estimating that any new owner would likely have to pump in around $200m a year to keep the doors open - as well as other investment, including building a wind tunnel.

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Steiner: Why would Cadillac be worth that money?

Asked about the potential sale, Steiner said: "I think as always, everything is for sale, it depends on the price. I think [$3bn] is a little bit high. Between us, we're not sharing any secrets here, they're doing pretty s**t, you know?

"When you do s**t you don't find sponsors, you don't get a lot of prize money, so running that team costs a year...I would say they need about $200m a year to run it, and you need to plan to do this for the next 3-5 years.

"Plus, they don't have a wind tunnel, so you need to make some investments, they don't have a proper base, I think they are a very expensive team to run. If Cadillac is worth $3bn, I know that Mercedes was valued at $6bn when Toto sold his shares but they are profitable. Why would Cadillac be worth that amount of money?

"I think at the moment people are out there who maybe would pay that money, but look at Alpine. They are selling, I think it's 25 per cent or something close to that [ed: 24 per cent] for $700m, $750m. That value is about the same amount, and if I need to pick between two of them for the same price who do I pick? Alpine."

Potential Cadillac suitors lining up

The Guardian report that Liverpool owners Fenway Sports Group (FSG) are among those interested in adding the F1 team to their portfolio, which also includes the Boston Red Sox, Pittsburgh Pirates, and half of NASCAR team RFK Racing.

FSG did sell 38 per cent of Liverpool FC this summer to a Jeff Bezos-led consortium, who have the option to take over the club fully by next August.

That option, with the club valued at around $7.4bn, would free up the financial capital to complete a Cadillac buyout even if the group don't already have the wherewithal to make the purchase.

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