Mark Walter, CEO of TWG Global which holds a majority stake in Cadillac’s Formula 1 team, is looking to sell part of his holding according to a report in the Wall Street Journal.

The billionaire is looking to raise money as he is facing an investigation into lending between insurance companies he owns and other businesses he is connected to.

Fenway Sports Group, which owns NASCAR team RFK Racing, English Premier League football club Liverpool and the Boston Red Sox baseball team, have been named as potential buyers. The report claims the stake sale would value the team at $3 billion (£2.24bn).

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