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FSG targets sub-top-four F1 team as Cadillac preps minority stake sale, testing appetite for split control between manufacturers and financial partners.
$900 million
bid for Williams fell through in early 2023
2026
engine regulation change
2027
The timing is notable
15%
stake in the PGA Tour's new commercial entity—assets that…
Fenway Sports Group has initiated exploratory conversations regarding the acquisition of a Formula 1 team, marking the Boston-based conglomerate's second formal approach to grid ownership after a $900 million bid for Williams fell through in early 2023. Three people familiar with the matter said FSG's latest inquiry has centered on teams outside the current top-four constructor positions, with particular attention to outfits facing liquidity pressure ahead of the 2026 engine regulation change.
Sergio Perez, meanwhile, offered unprompted commentary on ownership stability at Cadillac F1, the General Motors-backed entrant preparing for its 2026 grid debut. Speaking in Mexico City, Perez dismissed speculation that a minority stake sale—rumored to be in advanced stages with an undisclosed sovereign wealth vehicle—would disrupt team structure. He cited "direct conversations" with senior GM executives who assured him operational control would remain with current leadership through at least the end of 2027. The timing is notable: Perez's own driver contract runs through 2026, and his public confidence suggests either genuine intel or a message to other bidders that key personnel won't bolt mid-transition.
FSG's interest matters for three reasons. First, the group controls Liverpool FC, the Boston Red Sox, the Pittsburgh Penguins, and a 15% stake in the PGA Tour's new commercial entity—assets that generated roughly $8.2 billion in combined revenue last year. That's dry powder. Second, FSG principal Tom Werner sits on the board of two public sponsors already active in motorsport, creating natural commercial pathways for a team lacking blue-chip backing. Third, FSG's 2023 Williams bid collapsed not over price but over governance: John Henry wanted board control and a path to 51% within three years, terms the Williams family rejected. Any seller this time will know those are table stakes.
Cadillac's ownership flux is a different animal. GM committed roughly $450 million to the entry fee and first-season operating budget, but the automaker is reportedly exploring a structure where a financial partner takes 30-40% of the team entity in exchange for underwriting facility buildout costs near Charlotte. The whispered name is a Gulf-based sovereign fund that already holds F1 commercial rights exposure through its 2.4% stake in Liberty Media. That investor has been angling for a direct team position since at least mid-2024, when it bid for a stake in Alpine and was rebuffed. Perez's comments suggest the GM-Cadillac governance framework would keep racing decisions with Detroit, even as capital comes from elsewhere. Whether that structure holds once the fund writes a $200 million check is the real question.
FSG's target set likely includes Haas, Alpine, and Sauber. Haas has been available at the right number since Gene Haas began informal sale conversations in late 2023; the team's 2024 constructor position of eighth makes it the cheapest viable entry, with market whispers placing the ask around $800 million to $900 million. Alpine is complicated by Renault's broader cost-cutting, but the French parent has made clear it will entertain offers north of $1.1 billion for a controlling stake. Sauber, soon to become Audi's factory outfit, is off the table unless Volkswagen Group's board reverses a decision made eighteen months ago—unlikely given the $600 million already committed.
What happens next: FSG will submit a formal expression of interest to at least one team by the end of November, per a person briefed on the timeline. Cadillac's rumored stake sale could close before year-end, with an announcement timed to precede the 2026 driver market's second wave in January. The GM-fund structure, if finalized, becomes a template for other manufacturer-backed entries weighing capital efficiency against control.
FSG's prior Williams bid included a clause requiring the team to relocate commercial operations to Boston within five years. No team has accepted that term yet. One will.
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