Latest news with #DanTowriss
Associated Press
26-06-2025
- Automotive
- Associated Press
T.J. Puchyr agrees to buy Rick Ware Racing with plans to build a 3-car NASCAR team
CHARLOTTE, N.C. (AP) — One of the founders of Spire Motorsports has entered an agreement to purchase the NASCAR team owned by Rick Ware and is jumping back into the stock car series because he believes the current charters are grossly undervalued. T.J. Puchyr, who in 2018 alongside Jeff Dickerson launched the Spire team to take over the charter that Furniture Row Racing could not unload, told The Associated Press on Thursday he and Rick Ware Racing have a deal for him to take over Ware's organization next season. When Puchyr and Dickerson bought the Furniture Row charter, the market for NASCAR's version of franchise models was essentially dead. Their agency had been hired by Furniture Row owner Barney Visser to sell the charter and when they couldn't find a buyer, the two decided to purchase it themselves for $6 million and launch their own team. That decision jump-started the charter market and the most recent charters sold — when Stewart-Haas Racing went out of business at the end of last season — went for approximately $30 million. Puchyr and Dickerson are largely credited with pumping life and value into an otherwise dormant charter system. Puchyr last year sold his shares of Spire to Dan Towriss, the CEO of TWG Motorsports and header of the new Cadillac F1 team. Puchyr has spent 2025 consulting with various teams, including RWR and Legacy Motor Club. He's watched the market closely and has attended several of the recent court hearings involving NASCAR against 23XI Racing and Front Row Motorsports, who have filed an antitrust lawsuit over the charter agreement those two teams refused to sign last September. There are only 36 Cup Series charters, which guarantee a team entry into every NASCAR race and a steady revenue stream. Puchyr believes they are greatly undervalued and in one of his final deals with Spire, he helped acquire a charter from Live Fast Motorsports for $40 million. 'I am bullish on wanting to build a three-car team. I believe in the France family and the direction of the sport and I want the rest of the shareholders and industry to know that I believe the charters are worth $75 million or more,' he told AP. ___ AP auto racing:
Axios
02-05-2025
- Automotive
- Axios
1 for the road: F1 sprints into U.S.
Axios dropped the flag on Formula One weekend in Miami last night with an event featuring Dan Towriss, CEO of TWG Motorsports — manager of GM's historic Cadillac F1 team, which is joining the F1's global grid next year as the 11th team. Why it matters: Darren Cox, founder and CEO of The Race Media, told me F1's Cadillac expansion would have been "unthinkable" just a few years ago. What he's saying: "To have an overtly American brand launching in Miami is massive for the sport," said Cox, who joined Axios' Sara Fischer in co-hosting the event, "Miami Grand Prix: Fueling the City's Global Spotlight." "F1 is growing exponentially," Cox added. "Not just fans — big brands are committing." The big picture: Accelerated by Netflix's "Drive to Survive," F1 — with races in Miami, Austin and Las Vegas — is finally cracking the U.S. market after decades of effort. "With a devoted stateside following and a genuine cultural toehold, the sport has gone far beyond simply cracking a U.S. market that former F1 boss Bernie Ecclestone had all but given up on," The Wall Street Journal reports. "In 2025, Formula One has put America squarely at the center of its business."
Zawya
09-03-2025
- Automotive
- Zawya
TWG Motorsports and GM receive formal approval for Cadillac Formula 1 team
It's official: the Cadillac Formula 1 Team has received final approval to join the pinnacle of motorsport. Backed by TWG Motorsports and General Motors (GM), the team will join the FIA Formula One World Championship grid in March 2026. Today, the FIA and Formula One Management announced that the Cadillac Formula 1 Team has met their requirements to join the existing 10 teams starting next year. 'Today marks a transformative moment, and I am proud to lead the Federation in this progressive step for the championship,' said FIA President Mohammed Ben Sulayem. 'The FIA Formula One Championship's expansion to an 11th team in 2026 is a milestone. GM/Cadillac brings fresh energy, aligning with the new FIA 2026 regulations and ushering in an exciting era for the sport. 'The Cadillac Formula 1 Team's presence in the paddock will inspire future competitors and fans. Their entry strengthens our mission to push motorsport's boundaries at the highest level.' The integration between TWG Motorsports and GM creates a distinctly American team with unique attributes. TWG Group's resources and commitment to excellence, cutting edge technology and deep collaboration across motorsport disciplines combined with GM's performance DNA, engineering excellence and proven success in motorsports provides a strong foundation for the team. "For the past year, we have worked hand in hand with GM to lay a robust foundation for an extraordinary Formula 1 entry,' said Dan Towriss, CEO of TWG Motorsports. 'Now, with 2026 in our sights after today's final approval from the FIA and Formula One Management, we're accelerating our efforts — expanding our facilities, refining cutting-edge technologies, and continuing to assemble top-tier talent.' 'We're thrilled the Cadillac Formula 1 Team is official, as the team has been accelerating its work,' said GM President Mark Reuss. 'We're incredibly grateful for the support from the FIA and Formula One Management leadership for us and for our collaboration with TWG. The excitement only grows as we get closer to showcasing GM's engineering expertise on the prestigious global stage of F1.' This announcement follows confirmation that long-time motorsports and Formula 1 team executive Graeme Lowdon will serve as Team Principal of the Cadillac Formula 1 Team. Industry veteran Russ O'Blenes has been named CEO of TWG GM Performance Power Units LLC, a new company that will put Cadillac on the future path to being a 'full works' team — building Formula 1 chassis and power units. 'I couldn't be more proud of the effort put in by the entire Cadillac Formula 1 Team. This announcement is the next step in getting on the grid and continues our efforts towards building a full-works team. Through the long and thorough application process, we have never lost pace in our planning or our belief in the mission. We can't wait to go racing and give fans a new team to cheer for,' Lowdon said. 'Ongoing preparation and development of our power unit continues, and we've been working hard to hire some top tier talent,' said O'Blenes. 'As we continue to add more experienced engineering personnel, we look forward to running our first V6 in the near future.' Since the bid to join Formula 1 was announced in January 2023, TWG Motorsports has assembled an experienced team of over 300 people working on aerodynamics, chassis and component development, software and vehicle dynamics simulation. Development work to join the grid in 2026 has continued at pace with operational wind-tunnel models, parts production and performance testing strongly underway. The team has operations in Indianapolis, Indiana; Charlotte, North Carolina; Warren, Michigan; and Silverstone, England. -Ends- About: TWG Motorsports is the motorsports entity of TWG Global, created to unify a robust racing portfolio across the world's biggest stages in Formula 1, IndyCar, Formula E, IMSA, and NASCAR. In addition to the strategic partnerships with General Motors on the Cadillac Formula 1 team, TWG Motorsports additionally has ownership of Spire Motorsports, Andretti Global and Wayne Taylor Racing. TWG Motorsports combines deep technical expertise, proven competitive excellence, and industry-leading marketing acumen. TWG Motorsports is committed to innovating, growing, and winning at the highest levels of the sport. General Motors (NYSE:GM) is driving the future of transportation, leveraging advanced technology to build safer, smarter, and lower emission cars, trucks, and SUVs. GM's Buick, Cadillac, Chevrolet, and GMC brands offer a broad portfolio of innovative gasoline-powered vehicles and the industry's widest range of EVs, as we move to an all-electric future. Learn more at FOR MORE INFORMATION, please contact: GM/Cadillac: or TWG Motorsports: Cadillac F1 Team:
Al-Ahram Weekly
07-03-2025
- Automotive
- Al-Ahram Weekly
Formula One: Cadillac win final approval for F1 place in 2026 - Omni sports
Cadillac have received final approval to become the 11th team in Formula One from the 2026 season, motorsport's governing body the FIA and F1 announced on Friday. The US team, backed by TWG Motorsports and General Motors (GM), achieved the green light just over two months after the company reached an agreement in principle with Formula 1. F1 had previously turned down a bid from the US team Andretti, which was linked to Cadillac, but GM's increased commitments about their involvement in the venture swayed F1 and the FIA. The team's engines will inititally be supplied by Ferrari but GM have agreed to build its own engine in the future. Stefano Domenicali, President and CEO of Formula 1, said: "As we said in November, the commitment by General Motors to bring a Cadillac team to Formula 1 was an important and positive demonstration of the evolution of our sport. "I want to thank GM and TWG Motorsports for their constructive engagement over many months and look forward to welcoming the team on the grid from 2026 for what will be another exciting year for Formula 1." The new team will be a joint venture between GM with Dan Towriss, owner of US team Andretti Global, a key investor. Former F1 driver Michael Andretti is no longer involved with the team he founded but his father Mario, the 1978 F1 world champion, will take up an advisory role. (For more sports news and updates, follow Ahram Online Sports on Twitter at @AO_Sports and on Facebook at AhramOnlineSports.) Follow us on: Facebook Instagram Whatsapp Short link:
The Independent
07-03-2025
- Automotive
- The Independent
Cadillac confirmed as 11th team on F1 grid for 2026
Cadillac have been confirmed as the 11th team on Formula 1 grid for the 2026 season. Just over a week out from the 2025 season-opening Australian Grand Prix, F1 and the FIA have confirmed the team's entry 'met their requirements to join the existing 10 teams starting next year'. A joint-statement read: 'The FIA and Formula 1 can confirm that, following the completion of their respective sporting, technical and commercial assessments, the application by General Motors and TWG Motorsports to bring a Cadillac team to the FIA Formula One World Championship from 2026 has been approved.' While Stefano Domenicali, President and CEO of Formula 1, added: 'As we said in November, the commitment by General Motors to bring a Cadillac team to Formula 1 was an important and positive demonstration of the evolution of our sport. 'I want to thank GM and TWG for their constructive engagement over many months and look forward to welcoming the team on the grid from 2026 for what will be another exciting year for Formula 1.' The General Motors owned outfit struck a 'multi-year agreement' with Ferrari to supply the American team's power units and gearboxes from 2026 last December. A GM entry led by businessman Dan Towriss – the majority shareholder of Andretti Global – is set to join for the season after next, with former Marussia boss Graeme Lowdon set to operate as the team principal.
