Fenway Sports Group Targets $3 Billion Stake in Cadillac Formula One Team
The Boston-based conglomerate is in advanced discussions to acquire the majority ownership of the newest franchise in the global racing series.
By Jonathan Hoffmann ·
Fenway Sports Group is negotiating to buy a controlling interest in the Cadillac Formula One team for approximately $3 billion. The move would add another major asset to the portfolio of John Henry’s investment vehicle, which already includes the Boston Red Sox and Liverpool FC.
The target asset belongs to Mark Walter’s TWG Global. That firm is currently under federal investigation for alleged insurance fraud. Walter has been divesting parts of his sports holdings throughout 2026. He previously sold the Los Angeles Lakers and Chelsea FC. The Cadillac franchise, which is co-owned by General Motors, entered the Formula One grid in 2026 as one of eleven teams.
Formula One has seen steady financial expansion over the past decade. The series generated more than $3.8 billion in revenue last year. This growth is attributed partly to the international reach of the sport and the popularity of the 2019 Netflix documentary series “Drive to Survive.” By comparison, NASCAR, the primary domestic auto racing league, generated roughly $1.7 billion in 2024.
Henry has a long history in motor racing that predates his current team ownership. In 2003, he co-founded iRacing, a developer of virtual motorsport games. In 2008, FSG acquired Roush Racing to create Roush Fenway Racing. The organization was renamed RFK Racing in 2021 after driver Brad Keselowski joined the group.
FSG has also been active in selling assets recently. The firm sold the Pittsburgh Penguins for approximately $1.75 billion this summer, a figure that represents a gain over its 2021 purchase price of about $900 million. Earlier in 2026, FSG sold more than one-third of its stake in Liverpool FC. Forbes valued the soccer club at $6.2 billion this year.
Other potential buyers are reportedly speaking with TWG Global as well, so a final agreement is not guaranteed. Walter retains ownership of the Los Angeles Dodgers and the Professional Women’s Hockey League, properties that are not currently for sale. Henry and Walter could meet in person later this month when Major League Baseball owners gather in New York.
A spokesperson for Fenway Sports Group declined to comment on the negotiations. Liberty Media, the current owner of Formula One, previously owned the Atlanta Braves before spinning them off as a separate company three years ago.
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