Cadillac owner sells different sporting asset for $2.5 billion profit

TWG Global owns the Cadillac F1 team through its partnership with General Motors. Last year, Walter, with TWG Global also involved, became a majority shareholder in the Los Angeles Lakers, one of the biggest teams in the NBA.

Walter purchased his shares just last year for $10 billion and has now sold them for $12.5 billion to Josh Kushner and Bob Iger. This deal does not affect TWG Global’s ownership of the Los Angeles Dodgers or the Cadillac F1 team.

Walter said: "Owning the Los Angeles Lakers has been one of the great honors of my life – an extraordinary investment, but what I will carry with me is the community, the fans, and a city that treats this team as family. I am grateful to Jeanie Buss, the Buss family, the players, and the staff for welcoming me into this chapter. The Lakers belong to Los Angeles, and I have every confidence the best is still ahead."

Earlier this week on Wednesday, it was announced that the newest team on the Formula 1 grid has replaced its team principal. Graeme Lowdon departed the project, and was replaced by Marcin Budkowski.

Lowdon was told that morning about the change. "There's no easy way to make this transition within Formula 1. Can you imagine the depressing march through a tour of the factory or having these conversations?

"It does compress the decision-making, the timeline, and how these things come together. It makes it feel more abrupt than it would be otherwise, but it's the nature of Formula 1, and it's the way it had to happen," CEO Dan Towriss said about his decision to GPblog, among others.