Hollywood star Ryan Reynolds is among a group of investors who have agreed a deal to pay €200 million ($218 million) for a 24% stake in the Alpine Formula 1 motor racing team.
The deal sees French manufacturer Renault and its sport car division Alpine sell a stake in Alpine Racing to an investor group headed by Otro Capital, RedBird Capital Partners, and Reynolds’ Maximum Effort Investments.
The deal, which values Alpine Racing at about €900 million, covers only the race team, not the wider Alpine road car manufacturer. Alpine Racing SAS, the entity manufacturing F1 engines in France, is also not included in the transaction and will remain entirely owned by Renault.
The companies said that the investment will accelerate Alpine Racing’s growth plans and sporting ambitions in F1. In the 2022 season, the company finished fourth (out of ten). With an all-French diver line-up of Pierre Gasly and Esteban Ocon, Alpine currently lies fifth in the 2023 constructors’ championship.
Reynolds and Rob McElhenney were previously investors in the Wrexham AFC soccer club in Wales. They leveraged that investment to produce the “Welcome to Wrexham” documentary series that currently plays on FX.
The Maximum Effort group of investors includes co-founder James Toney, Reynolds McElhenney and Michael B. Jordan. Otro and RedBird’s investment also includes participation from the Huntsman Family and Main Street Advisors.
The Alpine F1 team “will benefit from the investor group’s collective expertise and track record in the sports industry including media, sponsorship, ticketing, hospitality, commercial rights management, licensing, and merchandising strategies to unlock incremental value creation and new growth levers,” Alpine said in a statement. “The investor group has a strong track record of company-building with recognized partners such as the Dallas Cowboys, Fenway Sports Group, the NFL, Toulouse FC and Wrexham AFC. Alpine F1 team will also benefit from the investor group’s expertise in data and technology, key enablers of marketing and commercial performance.”
Alec Scheiner, co-founder and partner of Otro Capital, will join Alpine Racing Ltd’s board of directors.
“Maximum Effort Investments focuses on unlocking value through the power of storytelling, and we believe there is tremendous untapped potential in Alpine Racing. We are eager to help shine a light on this incredible team,” said Toney.
Formula 1 racing has been given a significant profile boost, especially in the U.S., by the “Formula 1: Drive to Survive” series at Netflix, which has now delivered five seasons of athleticism, high-speed racing and colorful language.
