The Alpine Formula 1 team received investment of €200m for its 24% of shares. It sold it to a US-based investor group, which have Hollywood actor Ryan Reynolds on the list.
Renault, Apline’s parent group, announced the sale of its shares to an investment group. It includes Otro Capital, RedBird Capital Partners and Maximum Effort Investments. The team and group agreed on the estimated values of $900m.
RedBird, US investment firm, has a broad portfolio with a third-largest stake in Fenway Sports Group. The same group own the MLB team Boston Red Sox and Premier League club Liverpool FC. Additionally, they own stakes in the AC Milan and Toulouse football clubs.
Ryan Reynolds and McElhenney led the investment initiative for the Alpine. Michael B Jordan will also join as a co-investor. Alec Scheiner, Otro Capital co-founder, is set to take his place at the Enstone squad’s Board of Directors.
Read More: “Animal” Alonso deserves F1 victory
Renault announced that Alpine would “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.
“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.”
Alpine CEO welcomes the investment
Laurent Rossi,Alpine CEO, welcomed the new investment in the team. The team has remained in the midfield and will eye for the world championship in couple of years.
“This association is an important step to enhance our performance at all levels,” Rossi said.
“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.”
