LIVERPOOL owners, Fenway Sports Group, have held talks about buying a majority stake in the Cadillac Formula One team.
The deal is said to be for more than £2bn as Cadillac joint-owner Mark Walter continues to sell off his sporting assets amid allegations of insurance fraud.
Although Walter denies any wrongdoing, he is under investigation by the US Department of Justice and the Securities and Exchange Commission over alleged fraud involving the management of funds at his insurance companies Delaware Life, Clear Spring, and EquiTrust.
The 66-year-old has his finger in many sporting pies, similar to ‘s .
Walter is also the controlling owner of Major League Baseball’s Dodgers, but he insists they will not be sold despite the increasing pressure.
According to The Guardian, FSG has plans to look at other sporting investments after selling 38 percent of Liverpool this summer to a consortium that includes the founder and the co-founder Eduardo Saverin.
That same group has also secured the option to complete a full takeover at Anfield before August 2027.
For anyone wondering, LeBron James no longer owns a direct stake in Liverpool after he traded his direct 2% share in the club in 2021 for a 1% ownership stake in FSG.
A move by FSG to buy into Cadillac could have implications for its position at Liverpool.
Their slice is now valued at £5.5bn after this summer’s partial sale – that’s some climb from the £300m they paid for the entire club in 2010.
The Guardian’s report adds that FSG has been attracted to by the sport’s remarkable growth over the last decade, particularly in the US.
F1’s revenue has more than doubled in the past nine years, soaring to around £3bn annually. TV rights in the sport are predicted to continue rising.
FSG also have a small history of investing in motor sport through their 50% stake in the team RFK Racing.
Cadillac are bottom of the constructors’ championship in their debut season and have yet to win a point, but Walter values his share in the brand at around £2.24bn.
Liverpool, on the other hand, sit in fifth place in the Premier League, nine points back from leaders Arsenal after losing against them last weekend.
