P1racenews AI automatic summary:
The owners of the Cadillac F1 team are seemingly involved in a historic sports franchise purchase agreement.
TWG Global, the owner of the Cadillac F1 team, is poised to acquire the Los Angeles Lakers for a record-breaking amount, as per various reports. The purchase is expected to value the Lakers at $10 billion, making it the most substantial sale of a professional sports team. The Los Angeles Lakers hold the second highest number of NBA championship titles, with 17 victories in their history. TWG Global has an extensive sports portfolio, including ownership of the Los Angeles Dodgers and minority stakes in the Chelsea and RC Strasbourg football teams alongside Cadillac and the Lakers. Following negotiations with F1’s commercial rights holders, TWG Global secured a spot for its F1 project on the 2026 grid after taking over the Michael Andretti-led team last year. In preparation for its entry into Formula 1, Cadillac has forged a partnership with Ferrari to utilize their power units and gearbox initially, with plans to develop its engines by 2028 as part of General Motors’ strategy. Graeme Lowdon has been appointed as the team principal for the Cadillac F1 team, which is set to expand the grid to 22 cars next season, marking the first time since 2016 that the grid has exceeded 10 teams.
