Fenway Sports Group (FSG), the ownership group behind the Boston Red Sox and Liverpool FC, is reportedly in negotiations to purchase a majority stake in the Cadillac Formula 1 team. The deal is said to be valued at approximately $3 billion (£2.2 billion).
American billionaire Mark Walter, who owns a significant stake in the F1 team, is exploring selling his holdings, and FSG has emerged as a leading interested party. While the talks are ongoing, no agreement has been finalized.
FSG, led by John Henry, has a diverse portfolio in the sports world. The group previously held a controlling interest in the Pittsburgh Penguins hockey team. Currently, FSG is in the process of selling a 38% stake in Liverpool FC to a consortium backed by notable investors, including Jeff Bezos and Eduardo Saverin.
Walter, who also holds stakes in the Los Angeles Dodgers and Los Angeles Lakers, is seeking at least $3 billion for his share of the Cadillac F1 team. The team is also associated with BlueCo, the ownership group of Chelsea.
Cadillac is experiencing a challenging debut season in Formula One. Despite employing experienced drivers Valtteri Bottas and Sergio Perez, the team currently sits at the bottom of the constructors' championship standings with no points scored. Their best performance to date was a 13th-place finish by Bottas at the Chinese Grand Prix. However, the team recently received a boost when Perez signed a contract extension through 2029.
FSG has been contacted for comment regarding the potential acquisition.