TWG Global is reportedly considering selling part of its majority stake in the Cadillac Formula 1 team, and Fenway Sports Group is among the parties said to be interested. FSG owns Liverpool FC and the Boston Red Sox, and also holds a 50% stake in NASCAR team RFK Racing.

The reports come amid a U.S. Department of Justice investigation into whether insurance companies linked to billionaire Mark Walter improperly invested policyholder funds in affiliated businesses. The transactions under scrutiny reportedly involve about $20 billion in loans and investments that may not have been adequately disclosed. TWG Global has denied wrongdoing.

TWG Global is the parent company of TWG Motorsports, which holds majority ownership of the Cadillac F1 team. General Motors also has an undisclosed minority stake and is providing infrastructure and personnel while developing future power units. Sportico has reported that Walter is looking to sell part of TWG’s stake, valuing the team at around $3 billion. The Washington Post has identified FSG as one of several possible buyers.

Walter has already moved to sell the Los Angeles Lakers and his 12.8% stake in Chelsea, while the Los Angeles Sparks are also reportedly for sale. TWG Global initially rejected suggestions that it might sell part of its F1 team. The report says a sale could become an option if Walter is required to replace loans under scrutiny with new capital.

Cadillac joined Formula 1 this year after a lengthy entry process. TWG Global and GM reportedly have invested more than $1 billion in building the team, including facilities in Silverstone, UK, and Fishers, Indiana. Cadillac paid a $450 million anti-dilution fee to enter as the series’ 11th team.

The team has made a reasonable start, though reliability has been a challenge, and becoming successful is described as a long-term undertaking. Its reported $3 billion valuation reflects the high value of F1 teams, the closed 11-team grid and Cadillac’s infrastructure and GM backing.

TWG Global was contacted for comment, while GM representatives declined to comment on the reports.

Sources: Autosport.