After just a year of getting the ‘American Dream’ up and running on the F1 circuit, talks around a major ownership shake-up at Formula 1’s Cadillac F1 Team have intensified. A recent development in the ownership switch suggests that the team’s majority stakeholder, TWG Motorsports’ parent group TWG Global, led by Mark Walter, is considering selling a major portion of its stake in the F1 Team. The potentially interested buyer? RFK Racing’s co-owners, Fenway Sports Group.

While Cadillac’s debut season in F1 may seem like the key reason the conglomerate wants to exit the project, it goes beyond how the team operates in F1. TWG Global’s Chairman and CEO, Mark Walter, has been reshaping his sports portfolio in 2026.

So far, Walter has sold his majority stake in the Los Angeles Lakers NBA team (reportedly at a $12.5 billion valuation) and a 12.8% stake in Chelsea FC, a Premier League football team. Walter is also looking to sell the WNBA team, the Los Angeles Sparks, at a reported asking price of more than $700 million, making the potential Cadillac F1 team’s sale another asset on his list. With the entire Formula 1 operation valued at about $3 billion, Walter is looking to sell a majority stake in Cadillac.

According to a November 3 development shared by Adam Stern, Fenway Sports Group, the American sports ownership and investment group that co-owns RFK Racing, has expressed interest in buying out Walter’s stake in the Formula 1 team, due to the US audience’s growing interest in the open-wheel racing series.

The FSG brand has a rich sports portfolio with ownership and stakes in teams like Boston Red Sox – MLB, Liverpool FC – Premier League, Pittsburgh Penguins – NHL, RFK Racing – NASCAR Cup Series, and Boston Common Golf – TGL.

And while Formula 1’s commercial growth has skyrocketed in the US by catering to a different demographic as compared to NASCAR, it becomes an important motorsport portfolio expansion for the sports investment group.

FSG has held talks with TWG; it is also an important time for the RFK Racing team, which is undergoing a major ownership and stakeholder shake-up, as Brad Keselowski, has announced his split from the team as both a driver and stakeholder from the 2027 season onwards. Later, the two parties agreed that Keselowski would have a 20% stake while being free to choose his own path as a driver.

FSG entered NASCAR by partnering with Jack Roush’s racing organization to form Roush Fenway Racing, holding a 50-50% stake in the team. Jack Roush held the founder and co-owner seat, and John Henry took over as co-owner. This dynamic changed when the organization welcomed Brad Keselowski as a driver and co-owner by offering him a 20% stake in the Roush Fenway Racing team, rebranding its identity to Roush Fenway Keselowski Racing (RFK Racing) in 2022.

Four years on, the driver and co-owner has announced that he will be parting ways with the team as his attempt to buy out RFK Racing failed, as the other two co-owners rejected his proposal. Keselowski will become a passive investor in the team and will look forward to selling his 20% stake in the NASCAR team. This marks an important new phase for RFK Racing, as the team will go back to being led by Jack Roush and FSG. More details on the future of the team are yet to be confirmed, but the team will continue to run its racing operations as usual.

Chances are Roush and FSG could potentially go back to their 50-50 stake in the team, which would benefit the sports investment firm significantly. With a successful partnership in NASCAR, FSG’s interest in entering the world of Formula 1 is a crucial development in what the next chapter in the group’s sports portfolio may look like.

While FSG has its footprint in NASCAR, TWG also co-owns a team on the current grid: Spire Motorsports. Founded by Jeff Dickerson and T.J. Puchyr in 2018, the team entered the NASCAR Cup Series as a single-entry charter in 2019.

In 2024, one of the co-owners, T.J. Puchyr, sold his shares to TWG Motorsports’ CEO, Dan Towriss. The group has been on board ever since and works as the team’s ownership and investment partner, with a major stake in the organization.

A discussion between TWG and FSG does not imply that Spire Motorsports and RFK Racing will be involved in the deal. But it certainly is interesting to see NASCAR team owners getting linked to a high-stakes sale of a F1 team.

While the discussion is in its initial stages and reports have only suggested that the two sides have held talks, more details could follow soon. For now, Mark Walter’s shares in the Cadillac F1 Team have a reported valuation of €2.24 billion. FSG has allegedly offered a valuation of over $2 billion to acquire Walter’s stake.