Fenway Sports Group’s reported pursuit of an ownership stake in the Cadillac Formula 1 Team could be stalled by an unexpected roadblock: a NASCAR driver.
FSG, which also owns Liverpool and the Boston Red Sox, is among several parties in talks to buy billionaire Mark Walter’s stake in the Cadillac F1 team. But two racing industry sources familiar with the agreement told The Athletic that driver Brad Keselowski and FSG’s contract stipulates that neither can pursue a motorsports venture outside NASCAR without the other’s permission.
Talks alone would not violate the clause, the sources said, but FSG signing a purchase agreement for a Cadillac stake without Keselowski’s permission would. As of Saturday morning, Keselowski had not agreed to FSG pursuing a stake in Cadillac, the sources told The Athletic on condition of anonymity to protect relationships in the racing industry.
Keselowski owns a 20 percent stake in RFK Racing, alongside fellow investors Roush Enterprises and Fenway Sports Group (FSG). In late September, news broke that the 2012 NASCAR Cup Series champion would not race for his team in 2027. According to RFK Racing, the two sides are unwinding his ownership stake in the team, but only a verbal agreement had been reached.
The clause in the contract ends once Keselowski’s ownership stake is unwound, the sources said, after which both sides are free to pursue other ventures.
Walter controls Cadillac through TWG Motorsports, the racing arm of TWG Global, which runs the team in partnership with General Motors. A stake sale is only the latest sports investment the Los Angeles Dodgers owner is exploring selling amid ongoing federal investigations.
Walter agreed to sell his majority stake in the NBA’s Los Angeles Lakers to former Disney CEO Bob Iger and Thrive Capital founder Joshua Kushner in August. He later sold his 12.8 percent stake in Premier League club Chelsea. But as the sales and investigations flooded headlinesWalter’s holding company, TWG Global, said in an August statement it wasn’t looking to sell its motorsport properties.
However, that statement also said: “TWG, Mr. Walter and his partners continuously get interest from prospective buyers and co-investors in their sports assets and, as responsible owners and investors, they consider all legitimate offers when they are received.”
Cadillac officially joined the F1 grid in 2026 and is last in the constructors’ standings, failing to score a single point so far this season. It has extended driver Sergio Pérez’s contract until at least 2029, but it hasn’t announced a decision about the other seat for 2027. Valtteri Bottas is currently the other driver competing in Cadillac’s debut F1 season.
Source: www.nytimes.com
