Cadillac owner places record-breaking billion-dollar bid for the Los Angeles Lakers

08:07, 19 Jun

byKada Sarkozi

TWG Global - who are also the owners of the 11th team to join the F1 grid, Cadillac - have made a record-breaking bid for the famous NBA team, the Los Angeles Lakers.

ESPN reported that the current owners, the Buss family, are close to agreeing to a deal to sell the majority of their shares for what is a record-setting bid.

The amount is believed to be $10 billion, which is approximately €8.7 billion. The Buss family would then retain 15% of their shares for a period.

Who owns the next team to join the F1 grid?

In the 2026 season, Cadillac will join the Formula 1 grid, and will become the 11th team in the competition. The owners of the team, TWG Global, are a conglomerate that already have several sports clubs and teams under their umbrella.

For example, they have shares in the defending MLB World Series champions, the Los Angeles Dodgers, Premier League club Chelsea, WNBA club Los Angeles Sparks and the Billie Jean King Cup.

The conglomerate also made significant investments in motorsport, as they are the co-owners of the Cadillac F1 project with GM, and also have shares in Andretti Global, Spire Motorsports, Walkinshaw Andretti United, and Wayne Taylor Racing.