Sports and insurance magnate Mark Walter, owner of the Los Angeles Dodgers and former owner of the NBA’s Lakers as well as several motorsports teams, is not seeking buyers for Spire Motorsports at this time, even as he shops his shares in the Cadillac Formula 1 team, according to a new report published Tuesday by The Athletic.
Walter holds the properties through his TWG Motorsports holding company.
“At this stage, TWG Motorsports is not seeking out buyers for its other properties — NASCAR’s Spire Motorsports, IndyCar and Formula E’s Andretti Global, IMSA’s Wayne Taylor Racing and Supercars’ Walkinshaw Andretti United,” Madeline Coleman of The Athletic reported.
But TWG Global said in August it was not considering a sale of Cadillac or any other TWG Motorsports property.
The prospective Cadillac F1 sale comes amid a federal probe of insurers Walter controls, according to the Los Angeles Times, and his sales of the Lakers and his stake in the Premier League club Chelsea.
Sportico first reported the process Monday, placing the valuation at $3 billion. Walter will sell only above that figure, and at least seven parties are interested, according to The Athletic.
TWG Motorsports controls Cadillac in a partnership with General Motors. The Cadillac team has not scored a point in its debut F1 season and is projected to lose roughly $400 million, according to The Athletic.
TWG Motorsports, led by CEO Dan Towriss, holds a majority stake in Spire, according to a March court filing by co-owner Jeff Dickerson. Percentages and a valuation are not public.
Spire holds three Cup Series charters and paid $40 million for the Live Fast Motorsports charter. Analysts have floated charter values from $40 million to more than $100 million, which would put the three Cup charters at $120 million to $300 million or more.
Spire Motorsports History and 2026 Results
Dickerson and T.J. Puchyr launched Spire in late 2018 after buying a Furniture Row Racing charter for about $6 million. The team debuted in 2019 with one Cup car and now fields three, plus a Truck Series program. Puchyr sold his shares to Towriss in 2024.
Spire’s Cup drivers have included Justin Haley, Michael McDowell, Daniel Suárez and Carson Hocevar. Hocevar signed a long-term extension in February.
Spire has no championships. Its three Cup wins are Haley’s rain-shortened 2019 Coke Zero Sugar 400 at Daytona, Hocevar’s first career Cup win at Talladega on April 26 in the Jack Link’s 500 and Suárez’s Coca-Cola 600 victory at Charlotte on May 24. The team also has 13 Truck Series wins and one in ARCA.
Hocevar and Suárez earned Spire its first playoff appearances this year. Hocevar ranks 12th with six top-fives and a win, Suárez sits 15th with a win and three top-fives, and McDowell is 20th, outside the field, with one race left at Homestead-Miami Speedway.
Mark Walter’s Rise and the Federal Investigation
Walter, 66, was born in Cedar Rapids, Iowa, and earned degrees from Creighton in 1982 and Northwestern’s law school in 1985. He co-founded Guggenheim Partners in 1999 and TWG Global in 2024.
His sports portfolio began with the 2012 purchase of the Dodgers for $2.15 billion. He paid $10 billion for the Lakers in October 2025 and sold them at a $12.5 billion valuation. He also completed the sale of his Chelsea stake and is reportedly seeking more than $700 million for the Sparks.
The U.S. Attorney’s Southern District of New York and the SEC are examining whether billions in loans from Delaware Life Insurance Co. and Clear Spring Life and Annuity to Walter-linked entities went undisclosed as related-party transactions. The insurers restated related-party exposure from 3% to 42% and received grand jury subpoenas in February.
A class action in Florida alleges fraud and concealment of the probe. TWG Global, parent company of TWG Motorsports, denies any wrongdoing. No charges have been reported.
Is Mark Walter Selling Carson Hocevar’s NASCAR Team Amid Federal Investigation?