The company bankrolling the Formula One team building a headquarters campus here is at the center of a federal fraud investigation, IndyStar motorsports reporter Zion Brown reported Thursday.
TWG Global — the parent of TWG Motorsports, which brought the Cadillac F1 team and one of its three worldwide headquarters to Fishers — is being investigated by the U.S. Department of Justice and the Securities and Exchange Commission over assets held by insurance companies it owns, according to IndyStar.
The probe was uncovered in July and has intensified in the weeks since, IndyStar reported, leaving the future of TWG Motorsports’ racing properties unclear.
What investigators are looking at
Two insurers, Delaware Life Insurance Company and Clear Spring Life and Annuity, received grand jury subpoenas in February from the U.S. Attorney’s Office for the Southern District of New York, with a parallel SEC investigation now underway, according to IndyStar’s reporting.
Investigators are examining whether more than $16 billion in investments the companies made with affiliated businesses were improperly reported as unaffiliated. Affiliated assets — shared between businesses with ties that could create a conflict of interest — are legal but require disclosure and extra scrutiny.
Both insurers are subsidiaries of Zionsville-based Group 1001, founded in 2013 by Dan Towriss, who is also CEO of TWG Motorsports. Group 1001 has been a TWG Global subsidiary since 2024.
On June 29, Delaware Life filed first-quarter financials that restated its private credit investments from 3% affiliated to 42%. S&P Global Ratings then shifted its outlook on the company from stable to negative. On Tuesday, Delaware Life said it planned to move up to $6.5 billion in affiliated assets to TWG Global, IndyStar reported.
Why it matters to Fishers
TWG Motorsports was created as a TWG Global subsidiary in February 2025 with Towriss, a Muncie native and Ball State graduate, as CEO. It holds majority ownership of Andretti Global (IndyCar), Spire Motorsports (NASCAR), Wayne Taylor Racing (IMSA) and Walkinshaw TWG Racing (Supercars). This year the group entered Formula One through Cadillac F1, whose U.S. operations include the Fishers site.
The uncertainty comes as TWG Global CEO Mark Walter reshuffles his sports holdings. Walter agreed on Aug. 12 to sell the Los Angeles Lakers to Bob Iger and Josh Kushner for $12.5 billion, IndyStar reported. On Monday, multiple outlets reported that Walter and Todd Boehly are looking to sell their stakes in Chelsea FC, in which each holds 12.8% — worth roughly $537.6 million based on Forbes’ $4.2 billion valuation of the club.
The company says its racing teams are not on the block. A TWG Motorsports spokesperson told IndyStar: “TWG Global is not considering a sale of the Cadillac F1 team or any other part of TWG Motorsports. This includes Andretti Global.”
For now, the Fishers campus appears secure — though that could change as the investigation unfolds.
This story is based on reporting by Zion Brown, IndyStar’s motorsports reporter. Read the full story at this link, but you will likely need to be an online IndyStar subscriber to access the story. Once again, I encourage you to subscribe to your news organizations.