AutoRacing1.com

Excellent article. "The new account matters for the racing portfolio because Towriss is not only the insurance executive who signs the filings. He is also CEO of TWG Motorsports, the division that holds majority ownership of Andretti Global’s IndyCar operation and, with General Motors, the Cadillac Formula 1 team, along with stakes in Spire Motorsports, Wayne Taylor Racing and Walkinshaw Andretti United. The same person who told prosecutors he did not know more than $20 billion had reached Walter-linked borrowers is the executive responsible for funding and running those teams. TWG Motorsports has already said it is not considering a sale of the Cadillac team or any other part of the motorsport group. That denial still stands. What has changed is the public record of what the man who runs both sides told investigators: that the related-party nature of the loans was unknown to him even as the insurers later restated affiliated exposure into the tens of billions and ratings outlooks turned negative. If prosecutors or the SEC treat that account as a failure of disclosure rather than a credible explanation, the pressure described in earlier updates does not ease. Cadillac’s entry remains capital-intensive, Andretti’s multi-series program still depends on parent support, and Towriss’s dual role is now part of the sworn-style record rather than only an organizational chart. A finding that the loans were improperly hidden would still point toward tighter capital, possible forced asset sales and sponsor discomfort. Towriss’s statement that he did not know where the money ended up adds a governance question the teams cannot separate from the insurance case: how the CEO of both businesses could be unaware of more than $20 billion moving, through intermediaries, into his boss’s other companies." dot, dot, dot "One day I called up Michael and said that some of the deadlines weren’t being met, and we’d like to take the whole thing – we’d become the sole investor if you want us to be, along with you." cms.indycar.com/News/2023/05… @Indy_reporter_ @KColbertReport @TheRoostercrow @VicWesseler @Hoosier_truth @HollyWilhelm4