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CNA
01-07-2025
- Automotive
- CNA
Cadillac F1 team managing expectations with limitless ambition
SILVERSTONE, England :Cadillac principal Graeme Lowdon says Formula One's newest team have limitless ambition, and plenty of funds, but every expectation of being last when they debut next season. The General Motors brand secured approval in March, after a 764-day entry process, to become the sport's 11th team and are racing against time to be ready. Testing starts in Barcelona on January 26, with free practice for the 2026 season-opener in Melbourne on March 6. No drivers are signed yet, despite regular reports of familiar names set to join and the usual suspects in the frame, but the focus is on more fundamental issues. A recent tour of the team's Silverstone facility revealed a quiet sense of purpose, and the deep pockets behind the operation. "You will not see this team over-promising in any way," Lowdon told reporters. "But we do want to convey the fact that the ambitions are really limitless, as they should be." The team are also backed by TWG Global, whose CEO Mark Walter has an estimated net worth of $12.5 billion, according to the Bloomberg Billionaires Index. Walter's ownership interests include MLB's Los Angeles Dodgers, Premier League soccer side Chelsea and a soon to be acquired majority stake in the Los Angeles Lakers NBA basketball franchise. LONG ROAD Despite that, there is a long road ahead for a team that will start with Ferrari engines but plan to make their own eventually. Lowdon, whose U.S.-owned rivals Haas are in their 10th season, said he presents the situation to shareholders with a question: "Can you imagine if you've owned a Formula One team for 10 years and then another team rocks up and beats you? You would be apoplectic. "You have to assume that any new team coming in is going to be last. Otherwise, what's gone wrong somewhere else? ... We're trying to be as competitive as we possibly can but We're realistic. We know how difficult it is. "We're happy with our progress, but we just don't know. Other than if we beat someone then someone's going to be angry." Cadillac reckon on having 600 people by next season, many recruited from rival teams, and say they are already two thirds of the way there and no longer even the smallest outfit. Although approval came only in March, preparations started long before. Wind tunnel work has been ongoing since the middle of last year and the first car floor was delivered in January. Roll hoop testing took place in May and a prototype steering wheel was also ready by then. "We've already issued somewhere in the region of 6,000 drawings. We've made 10,000 components already while we've been kind of quiet," said Lowdon. "If you just wait until you get the entry and then start doing everything that we've been doing, you time out. It becomes an impossible task." Cadillac have sites on two continents - a headquarters under construction in Indianapolis, manufacturing facilities in North Carolina and Michigan and a design and logistics base at Silverstone. Lowdon, a previous CEO of the defunct Virgin and Marussia teams, said a different management approach was needed and he had "leaned heavily" on the structure used by the U.S. space programme in the 1960s and 70s. "We need an engineer here (in Britain) talking to an engineer in Charlotte and another one in Warren, Michigan, or eventually in Fishers (Indiana). So we've looked to have a very, very flat management structure," he said.
Yahoo
29-06-2025
- Business
- Yahoo
Luka Doncic Shares Strong Message To New Lakers Owner After Jeanie Buss Sold Franchise For $10 Billion
Luka Doncic Shares Strong Message To New Lakers Owner After Jeanie Buss Sold Franchise For $10 Billion originally appeared on Fadeaway World. In a monumental shift that ends one of the most iconic ownership eras in sports history, Jeanie Buss has agreed to sell her majority stake in the Los Angeles Lakers for a record-breaking $10 billion evaluation to billionaire Mark Walter, CEO of TWG Global and part-owner of the Los Angeles Dodgers. Advertisement While the move came as a shock to many, Lakers superstar Luka Doncic has fully embraced the change and sent a powerful message to the team's incoming owner. "The Lakers are an amazing organization. I'm looking forward to meeting Mark and excited about the future. I am also grateful to Jeanie and the Buss family for welcoming me to LA, and I'm happy that Jeanie will continue to be involved. I look forward to working with both of them to win championships!" Luka's statement echoes the optimism within the Lakers organization. Despite a disappointing first-round playoff exit this past season, the combination of Luka Doncic and LeBron James has given Los Angeles a dynamic duo with generational talent. Now, with billionaire backing, they're positioned to pursue titles aggressively, both through trades and financial investment in infrastructure. Advertisement Mark Walter, who previously purchased Phil Anschutz's 26% minority stake in 2021, had first right of refusal if the Buss family ever decided to sell. That clause is now in motion. While Jeanie will remain the team governor and keep a 15% stake to retain league governance rights, the majority of the ownership now shifts into Walter's hands. Magic Johnson, who has deep ties with both the Lakers and Walter through their shared connection with the Dodgers, was ecstatic. He praised Walter as a relentless winner who 'will put in the resources needed to win' and compared him favorably to Dr. Jerry Buss for his passion, business savvy, and behind-the-scenes leadership style. From Luka's side, the message is clear, he's not only supportive of the change, but energized by it. Doncic was already seen as the centerpiece of the Lakers' future, and with the team's new financial firepower, fans can expect Los Angeles to be a top-tier destination for free agents and disgruntled stars alike. As ESPN's Dave McMenamin noted, the financial flexibility of TWG Global doesn't override the NBA's new CBA and its second-apron penalties. Advertisement However, Walter can pour resources into other essential areas: scouting, analytics, player health, and player development. In an era where marginal advantages separate contenders from pretenders, that might be what gives the Lakers an edge. Doncic's vocal endorsement, combined with LeBron James' reported excitement about the change, suggests a unified front. Despite the end of the Buss family's majority ownership, dating back to Dr. Buss' $67.5 million purchase in 1979, the Lakers seem ready to enter a new golden age. With Doncic at the helm and Walter's billions behind him, Los Angeles isn't just changing hands, they're gearing up for another dynasty. Related: Magic Johnson Takes A Shot At The Celtics After Jeanie Buss' $10 Billion Lakers Sale This story was originally reported by Fadeaway World on Jun 19, 2025, where it first appeared.
Yahoo
26-06-2025
- Business
- Yahoo
Magic Johnson: 'Mark Walter is the right person' to take over the Lakers
Magic Johnson, center, and Dodgers controlling owner Mark Walter, second from left, pose for a photo with other Guggenheim Baseball Management members Stan Kasten, left, Peter Guber and Todd Boehly, right, at Dodger Stadium after their purchase of the franchise. (Corbis/Icon Sportswire via Getty Images) Dodgers controlling owner Mark Walter, through his TWG Global company, agreed to purchase a majority ownership stake in the Lakers last week and released information about the sale on Wednesday in a statement announcing the deal would be completed later this year. When news broke that Walter would take controlling interest of the Lakers from the Buss family at a valuation of $10 billion, we reached out to Magic Johnson about his thoughts on the matter. Speaking from a yacht off the coast of Croatia, here's what the Lakers legend had to say about Walter, Jeanie Buss and the sale: About Walter's approach 'Mark is a man who cares and loves winning and will always care about investing the money in making not only the team better but the organization better. He's somebody who is family-driven. He's a great man. Advertisement 'You saw what happened to the Dodgers once Mark and all of us took over." On the Buss family selling to Walter 'One thing that Jeanie [Buss] was going to do is put [the franchise] in the right hands. If she was going to sell, it had to be the right person, and Mark Walter is the right person to take over and lead us for the next 30, 40 years. So, this is the best news that could have happened for all Laker fans across the world. Mark has had his eye on the Lakers for a long time. That's why he bought [Philip] Anschutz's [minority ownership] piece first and then he was sitting there, and Jeanie knew this. Read more: Mark Walter, Jeanie Buss comment on Lakers sale expected to close later this year Advertisement "If she ever wanted to sell, he wanted to be the one that bought the team. And they formed a friendship, because that had to happen first. Jeanie had to know that he was going to do just like her father [Dr. Jerry Buss] did and just like she did and that was to make sure that he would do great things in the community as well, like both her father and her have been able to do and also educate him on how much the Lakers mean to not only the Laker fans but to the NBA and to the world." On the sale of the team 'I think the [Buss] boys were ready before. I think they wanted to cash out. We're seeing this happening all around sports. 'Sometimes, let somebody else have it.' We saw Mark Cuban do it. Boston did it. So, you are seeing it happen and maybe they [Buss family] said, 'We just want the money and go on and live out our lives.'" 'Mark loves being a part of Los Angeles and now he's got the premier baseball team and now the premier basketball team." On Walter's success 'The one thing great about Mark is that he'll hire the best people. He will always have really good people around him to help him bring back championships to Los Angeles and to Lakers fans. I'm excited. This couldn't have gone any better for Laker fans and the Buss family and the NBA. The NBA knows Mark. It couldn't have gone better for the Buss family because Mark is a caretaker. You got to be a caretaker, a great caretaker. Advertisement "What did Mark do for the Dodgers? He's been a great caretaker of the brand and of the team. How much money he put into Dodger Stadium. He's always willing to make the big and bold moves to win. But Mark is a visionary. So, he's probably already got a vision for the Laker organization and for the team. So, that's the great thing about him. 'The funny thing is, his personality is just like Jeanie. You won't see him out front a lot, just like now he's not out in front of the Dodgers. So, people need to understand that. That's not his personality. Just like Jeanie's personality. She hasn't been out front." About Jeanie Buss and the sale 'You saw Mark let Jeanie stay on the Board of Governors. That was smart. One thing that is smart about Jeanie is she was never going to say, 'Oh, the Lakers are up for sale! Anybody can own them.' That's not who she is. She wasn't going to put it in anybody's hands. Advertisement 'And I think because of the success of the Dodgers and how he has run the organization, now it's easy for the fans. We already know him. We've seen his work already. We've seen what he's been able to do, led us to a couple of World Series [wins] and going to the World Series four times. That's success right there. That's what Laker fans are looking for. 'He's got a track record. This is what Laker fans would want, somebody that they can trust, just like they trusted Dr. Buss. They trusted Jeanie because of her father saying, 'This is who I want in charge.' So, this is beautiful for all Laker fans." Upon hearing the news 'I'm going crazy too. I was screaming all over this yacht, because I know how great Mark is and how great of a man he is and how smart he is. He's got a big heart.' Sign up for our weekly newsletter on all things Lakers. This story originally appeared in Los Angeles Times.
Malay Mail
26-06-2025
- Business
- Malay Mail
US$10b sales of iconic NBA franchise Lakers to billionaire Mark Walter set to close later this year
LOS ANGELES, June 26 — The sale of the Los Angeles Lakers to billionaire Mark Walter is expected to close later this year in a deal that will see Jeanie Buss remain governor of the club 'for the foreseeable future,' Walter and Buss announced yesterday. The official confirmation comes a week after US media reported that the Buss family would sell controlling interest in the iconic NBA franchise in a record-breaking US$10 billion (RM42 billion) deal that makes the Lakers the highest-valued team in US sports history. 'Businessman and philanthropist Mark Walter has reached an agreement with the Buss Family Trust to acquire a majority stake in the NBA's Los Angeles Lakers,' a statement on the deal issued by the interested parties said. 'Jeanie Buss will remain governor of the franchise and continue to oversee all team operations on a day-to-day basis for the foreseeable future.' 'From the day our father purchased the Lakers, we have been determined to deliver what the City of Los Angeles deserves and demands: a team that is committed to winning — relentlessly — and to doing so with passion and with style,' Jeanie Buss said in the statement. 'I have gotten to know Mark very well over time and been delighted to learn how he shares those same values,' Buss added. 'For the last four years, Mark has been an excellent partner to us, and we are thrilled to keep working with him to continue the Lakers' extraordinary legacy.' Walter is the chief executive of holding company TWG Global which has built an impressive portfolio of professional sports teams, including the Los Angeles Dodgers and Los Angeles Sparks. He is also part of the ownership group of English Premier League side Chelsea. TWG also owns the Billie Jean King Cup tennis tournament and the Cadillac Formula One team and Walter was already a minority owner of the Lakers. His acquisition of the Lakers will mark the end of an era in the NBA, whose modern popularity owes much to the franchise's 1980s heyday. The Lakers were bought in 1979 by charismatic tycoon Jerry Buss, who quickly helped turn the franchise into a sporting powerhouse as well as a globally recognised brand. The Buss era brought the Lakers 11 NBA championships — more than any other team over the same period — and encompassed golden ages which included the 'Showtime' Lakers of Magic Johnson as well as a hat-trick of championships between 2000 and 2002 when the team was spearheaded by Kobe Bryant. More recently the team recruited superstar LeBron James, who led the Lakers to a 17th championship in 2020, and stunned the league earlier this after swooping for Dallas Mavericks star Luka Doncic. 'The Lakers have long been one of the most iconic franchises in sports,' Walter said in the statement. 'Since Dr. Jerry Buss first purchased the team in 1979, they have truly set the standard for basketball in one era after another, which is why you can find people anywhere in the world wearing Lakers shirts and jerseys.' — AFP
CNA
25-06-2025
- Business
- CNA
NBA-Lakers confirm sale of majority stake in franchise to Mark Walter
The Buss family have agreed to sell a majority stake in the Los Angeles Lakers to TWG Global CEO Mark Walter, the two parties confirmed on Wednesday, while adding that Jeanie Buss will remain governor of the storied NBA franchise. Financial terms of the deal were not disclosed but when the news was first reported last week it said the agreement valued the 17-times NBA champion Lakers at $10 billion, making it the largest-ever sale of a professional sports team. Walter, who has ownership interests in several professional sports teams including MLB's Los Angeles Dodgers and the WNBA's Los Angeles Sparks, has been a minority owner of the Lakers since 2021. "From the day our father purchased the Lakers, we have been determined to deliver what the City of Los Angeles deserves and demands: a team that is committed to winning – relentlessly – and to doing so with passion and with style," Buss said in a news release. "I have gotten to know Mark very well over time and been delighted to learn how he shares those same values." The sale is expected to close in the third or fourth quarter of 2025, subject to customary closing conditions including obtaining NBA approval, the two parties said. The late Jerry Buss purchased the Lakers in 1979 and turned the team into one of the world's most popular sports franchises, winning five championships during their now-iconic "Showtime" era in the 1980s. Through the years the Lakers' rosters have featured world-famous talents such as Magic Johnson, Kareem Abdul-Jabbar, Kobe Bryant, Shaquille O'Neal and LeBron James. Jeanie Buss, who took over as principal owner after her father Jerry died in 2013 and became one of the most powerful women in sport, will oversee all team operations on a day-to-day basis for the foreseeable future. "Since Dr Jerry Buss first purchased the team in 1979, they have truly set the standard for basketball in one era after another, which is why you can find people anywhere in the world wearing Lakers shirts and jerseys," said Walter. "I admire what he, Jeanie and the Buss family have built, and I know how much this special organization matters to Southern Californians and to sports fans everywhere. "I also have tremendous respect for Jeanie's continued commitment to maintaining the Lakers' long-term vision and elite status, and I'm excited to work with her on the next era."
