Fenway Sports Group (FSG), the ownership group behind the Boston Red Sox and Liverpool FC, is in discussions to acquire a majority stake in the Cadillac Formula One team, according to reports from Daily Mail. The American billionaire Mark Walter, who is reportedly seeking at least $3 billion (£2.2 billion) for a controlling stake, is in talks with FSG, among other potential buyers.
While no deal has been finalized, the ongoing negotiations indicate FSG's interest in expanding its sports portfolio. The group previously held a controlling interest in the NHL's Pittsburgh Penguins.
FSG is currently in the process of selling approximately 38% of Liverpool to a consortium led by Amit Bhatia, which includes backing from billionaires Jeff Bezos and Eduardo Saverin.
Cadillac, which is making its Formula One debut this season, has experienced a difficult start. Despite the presence of drivers Sergio Perez and Valtteri Bottas, the team is at the bottom of the constructors' championship standings and has yet to score any points. Their best performance to date was a 13th-place finish by Bottas at the Chinese Grand Prix.
The team did receive a positive development recently when Perez agreed to a contract extension that will keep him with the team through 2029. Walter, who also holds stakes in the Los Angeles Dodgers, LA Lakers, and BlueCo (owner of Chelsea), serves as CEO of an asset management firm.