What happened: Fenway Sports Group is exploring an investment to acquire a controlling stake in Cadillac Formula 1 from Mark Walter's TWG Global. The reported talks emerge as Walter and his affiliated companies face an ongoing federal inquiry by the U.S. Department of Justice.

Why it matters: The potential divestment comes after TWG issued a statement on Dodgers finances in August amid growing scrutiny of its operational holdings. A deal would expand FSG's global sports portfolio into Formula 1 while reshaping Cadillac's leadership structure ahead of the 2027 season.

What to watch: Regulatory approvals and formal negotiations will dictate whether TWG yields majority control before the 2027 championship.