Written by Nia Nieminen, Edited by Vyas Ponnuri
BBC Sport announced on the 26th of June, about an investment in the Alpine Formula 1 team.
Hollywood stars Ryan Renolds and Rob McElhenney invested 200m euros (218.10m USD) in the Alpine Formula One team. By investing 200 Million Euros in the French outfit, they gained a 24% equity stake in the Alpine Formula 1 team.
Alpine’s parent company Renault announced their decision to sell their ownership of the team, valued at about $900m, to a consortium that includes Otro Capital, Redbird Capital Partners, and Maximum Efforts Investments.
Reynolds and McElhenney bought the Wrexham Football Club in 2020, and promoted the Welsh club back to the football league after a long absence.
They also have a popular docu-series in Disney+ called ‘Welcome to Wrexham’ that has brought the football club into the global spotlight.
US investment firm Redbird Capital is an investor in Fenway Sports Group, the owner of Premier League side Liverpool, and the Boston Red Sox baseball team. Redbird also bought Italy’s AC Milan in August 2022, in a €1.2 billion deal that involved the owners of the New York Yankees baseball team.
Otro Capital Co-founder and partner Alec Scheiner will join Alpine Racing’s Board of Directors as well, amid the large-scale ownership and backdoor changes at the team from Enstone.
Alpine finished fourth in the constructors’ championship in 2022, and are currently fifth after eight rounds.
This investment would definitely help boost their performances, and thrust them into contention of achieving their ambitious 100-race goal in the future.
Alpine CEO Laurent Rossi stated: “This association is an important step to enhance our performance at all levels.”
"First, Otro Capital, RedBird Capital Partners and Maximum Effort Investments, as international players with strong track record in the sports industry, will bring their recognized expertise to boost our media and marketing strategy, essential to support our sporting performance over the long term.
"Second, the incremental revenue generated will in turn be reinvested in the team, in order to further accelerate our Mountain Climber plan, aimed at catching up with top teams in terms of state-of-the-art facilities and equipment.”
Alpine has been working on a plan they call ‘Mountain climber’ from 2022. The Mountain Climber is a plan of fighting for the championship in 100 races. The investment will most likely help the team to advance in the plan.