TWG Global issued a statement confirming no ownership changes to its motorsport portfolio, including the Cadillac Formula One team set to join the grid in 2026. The denial follows a week of quiet executive movement at the holding company and whispers in paddock hospitality that General Motors was fielding informal inquiries about the team's capital structure.
The statement arrives two months after the FIA approved Cadillac's entry as the eleventh team, ending a multi-year standoff with Formula One Management. TWG Global, the commercial vehicle through which American businessman Dan Towriss controls the team via his Andretti Global motorsport operation, did not name which executives departed or clarify what prompted the statement. Three people familiar with the matter said at least two senior TWG finance officers left in the past 30 days, though none would confirm whether the exits were voluntary.
The timing matters because Cadillac's F1 entry operates under an unusual financial arrangement. General Motors will supply power units starting in 2028 but holds no disclosed equity stake in the team itself. TWG Global and Mario Andretti's family interests control the entity, with GM contributing engineering resources and brand licensing under a separate technical partnership. That structure leaves the team dependent on TWG's balance sheet for the estimated $450 million in upfront costs: chassis development, wind tunnel time, factory build-out in Indiana, and the $200 million FIA anti-dilution fee paid to existing teams.
Family offices and sovereign funds sizing F1 team stakes have noted the gap. One allocator in regular contact with TWG said the executive turnover "raises the usual questions" about whether Towriss plans to bring in a cornerstone investor before the first car rolls out. Towriss built TWG through a series of insurance acquisitions and has used personal capital to fund Andretti's expansion into Formula E and now F1, but the 2026 grid entry requires a different scale of spend. Two team principals said privately they expect some form of capital event before Cadillac's first pre-season test, whether a minority sale to a strategic partner or a broader fundraise.
GM's role adds another variable. The automaker committed to the F1 program during a period of aggressive electrification spend, and its current leadership has shown less patience for motorsport budgets that don't connect directly to product cycles. One engineer close to the power unit program said GM's 2028 timeline was chosen to align with a next-generation hybrid architecture, but that any delay or cost overrun could prompt Detroit to renegotiate terms with TWG. The partnership agreement has not been made public, and neither party has disclosed what happens if GM withdraws before engines reach the track.
The statement did mention TWG's "continued commitment" to all motorsport properties, which include Andretti's IndyCar and Formula E teams. That language suggests Towriss is not preparing a full exit, but it also leaves room for the kind of structure common in European football: selling equity in one property while retaining the broader holding company. Two sponsors currently in talks with Cadillac F1 said their diligence now includes questions about ownership stability, a topic that was not part of initial conversations in late 2024.
Watch for any new hires into TWG's C-suite in the next 60 days, particularly anyone with experience in sports team capitalization or joint ventures. The FIA's January compliance deadlines will also clarify whether Cadillac met its facility and staffing benchmarks, which would make the team a more attractive asset if Towriss does eventually field offers. GM has scheduled its next quarterly earnings call for April 23, and analysts are expected to ask about the F1 program's budget and governance.
Two people who attended the recent F1 team principals' meeting in Bahrain said Cadillac's absence from certain technical working groups has not gone unnoticed, though FIA regulations do not require full participation until 12 months before the first race. The longer TWG waits to clarify its capital structure, the more leverage existing teams gain in negotiations over prize money distribution and governance votes.
The takeaway
Executive churn at TWG Global puts spotlight on Cadillac F1's capital structure ahead of **2026** grid entry and **$450M** spend.
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