TWG Global says Cadillac F1 team and motorsport interests not for sale

Formula One newcomers Cadillac this month replaced their founding principal Graeme Lowdon after 11 races with Marcin Budkowski.

Budkowski was asked at a media briefing at the Zandvoort circuit whether he had sought assurances about the future before taking the job at the General Motors-backed team and replied that there had been no such discussions.

Cadillac's Mexican driver Sergio Perez said Lowdon's exit was proof of the team's ambition. The newcomers are still without a point in 11 rounds.

"I think Graeme has done a tremendous part in bringing Cadillac to where it is now, together with GM and (team chief executive) Dan (Towriss)," Perez told reporters.

"I think he's part of the history of the team and I wish him well on whatever comes next.