Fenway Sports Group have held talks over a majority stake in the Cadillac Formula 1 team in a deal that could be worth more than £2 billion, according to a Guardian report that has been picked up across the F1 press since Wednesday. The American outfit entered the grid in 2026 and is co-owned by General Motors and Mark Walter’s TWG Global, which runs the F1 operation.

The Boston group, whose principal owner is John Henry, is one of several interested parties in discussion with Walter’s side, the Boston Globe reports. A spokesperson for FSG declined to comment. TWG Global has said an imminent sale is not on the table, while acknowledging it has spoken to a number of potential buyers.

Walter under scrutiny

The gap between those two positions is partly explained by what has happened to Walter’s wider portfolio. Sportico reported on 2 November that he is seeking at least $3 billion for his Formula 1 interests, as the US Department of Justice and the Securities and Exchange Commission examine transactions involving his insurance businesses, Delaware Life, Clear Spring and EquiTrust.

TWG has denied wrongdoing. The company previously told reporters the team was not for sale, and its current line is only that a deal is not imminent.

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Cadillac’s first F1 season has not helped the balance sheet either. The team paid a $450 million dilution fee to join the grid, invested at least another $1 billion establishing operations, and ran up losses of around $400 million in its debut year, according to figures carried in the Guardian report. General Motors remains tied in as the long-term engine partner, with plans to develop its own power unit, and nothing in the current talks points to Cadillac’s manufacturer identity changing.

A fourth league for FSG

For Fenway Sports Group, F1 would be a fourth major competition alongside Liverpool, the Boston Red Sox and RFK Racing in NASCAR. The group sold the Pittsburgh Penguins in 2024 for around $1.75 billion and has made no secret of looking for further sports investments. F1’s commercial growth in the United States over the past decade, driven by Netflix’s Drive to Survive and three American races on the calendar, has made the series an obvious target for American capital.

Any purchase would also put John Henry’s company in charge of a team still being built. Marcin Budkowski took over as Cadillac team principal in August, replacing Graeme Lowdon as the organisation moved beyond its initial build phase.

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