TWG Global has issued a brief statement dismissing talk of the Cadillac team being sold.

Speculation over the American team's future began with the news that Mark Walter, one of the founders of TWG Global, which is the majority owner of the F1 team, is under investigation by the US government and the Securities and Exchange Commission (SEC).

While the investigation relates to Walter's sale of the Los Angeles Lakers NBA franchise for $12.5bn, just over a year after buying it for $10bn, there are fears that as CEO and co-chairman, he may seek to offload some of the other businesses in which he has significant holding, these include the LA Dodgers, Chelsea Football Club and the Cadillac F1 team.

However, as the weekend at Zandvoort got underway, Adrian Atkinson, General Motors' executive director of global motorsports communications, read out a brief statement.

"TWG is not considering a sale of the Cadillac team or any other part of TWG Motorsport," it read. "And just for your information, Dan Towriss is in Washington D.C. for the IndyCar race this weekend, so he is not here."

The saga comes as new team boss, Marcin Budkowski faced the media for the first time since replacing Graeme Lowdon.

"There was absolutely no discussion about that," he replied when asked about the speculation. "There is no doubt for me that, there's no influence there.

"The new factory, my appointment, there's key personnel that, hopefully, we will be able to announce soon as well. I think it just shows the commitment and the investment behind the project."