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A potential sale of a Formula 1 team has been announced, with the team—referred to as “Cadillac” in the source—being offered for a price of $3 billion. The deal is being pursued by several parties, including Chinese automaker BYD, which has been a leading bidder for several months. Other interested parties include the Fenway Group, the majority owner of Liverpool Football Club, and six additional bidders that have not yet been named. The team’s current owner, Mark Walter, is reportedly under investigation by the Ministry of Justice for alleged illegal transactions between his companies amounting to $20 billion. The investigation does not involve the team’s actual owner, TWG. Walter has previously been cleared of legal proceedings related to his ownership of the Los Angeles Dodgers (baseball), Chelsea (football), and the Los Angeles Sparks (women’s NBA basketball). Cadillac is considered an outsider in Formula 1, but the team has recently hired engineers from Red Bull and Ferrari to work on a new car for the upcoming season. The team is also reportedly planning to recruit Colt Harta, a driver who will participate in a training session in Brazil for the fifth time. The sale, if completed, would allow the new owners to acquire a fully operational team, potentially reducing the effort required to enter the sport. The final outcome of the negotiations remains uncertain. Article source: 24 Chasa | Image credit: 24 Chasa
A potential sale of a Formula 1 team has been announced, with the team—referred to as “Cadillac” in the source—being offered for a price of $3 billion. The deal is being pursued by several parties, including Chinese automaker BYD, which has been a leading bidder for several months. Other interested parties include the Fenway Group, the majority owner of Liverpool Football Club, and six additional bidders that have not yet been named. The team’s current owner, Mark Walter, is reportedly under investigation by the Ministry of Justice for alleged illegal transactions between his companies amounting to $20 billion. The investigation does not involve the team’s actual owner, TWG. Walter has previously been cleared of legal proceedings related to his ownership of the Los Angeles Dodgers (baseball), Chelsea (football), and the Los Angeles Sparks (women’s NBA basketball). Cadillac is considered an outsider in Formula 1, but the team has recently hired engineers from Red Bull and Ferrari to work on a new car for the upcoming season. The team is also reportedly planning to recruit Colt Harta, a driver who will participate in a training session in Brazil for the fifth time. The sale, if completed, would allow the new owners to acquire a fully operational team, potentially reducing the effort required to enter the sport. The final outcome of the negotiations remains uncertain.
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