Ryan Reynolds, Michael B. Jordan Among New Investors in Formula 1 Racing Team Alpine
Ryan Reynolds, his Wrexham co-owner Rob McElhenney and others including Michael B. Jordan have joined a group of investors to acquire a 24% equity stake in Alpine’s Formula 1 racing team for $218 million.
Alpine, which recently re-branded from its legacy racing name Renault, is currently the home of F1 drivers Pierre Gasly and Esteban Ocon.
The new investor group includes the actor’s Maximum Effort Investments – which includes Jordan and McElhenney as co-investors – as well as private equity firm Redbird Capital Partners and Otro Capital. The transaction values Alpine at around $900 million. Otro and RedBird’s investment also includes participation from the Huntsman Family and Main Street Advisors.
“Formula 1 and Alpine are strategic assets for Renault Group,” Renault Group CEO Luca de Meo said in a statement. “Over the past two years, we have re-ignited Alpine, capitalizing on its iconic A110 sports coupé, boosting it by entering Formula 1, where it aims to become a championship contender. This partnership will accelerate Alpine F1 development by diversifying revenue drivers and increasing brand value.”
The Alpine F1 team will benefit from the investors’ collective expertise and track record in the sports industry, including media, sponsorship, ticketing, hospitality, commercial rights management, licensing, and merchandising strategies, and data and technology.
“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 CEO Laurent Rossi said.
Under the agreement, Otro Capital co-founder and partner Alec Scheiner will join Alpine Racing Ltd’s board of directors.
“We are thrilled to have the opportunity to invest in Alpine F1. We believe in the management of the company, the value of the brand as well as the long-term trajectory of the sport,” Scheiner said in a statement. “We believe that, along with our partners RedBird and Maximum Effort Investments, we can add value to Alpine’s business operations and brand building, especially in North America.”
The latest investment comes after Reynolds and McElhenney purchased the Welsh soccer club Wrexham AFC for nearly $2.5 million in 2020. The pair have gone on to help elevate the team’s popularity with an FX documentary called “Welcome to Wrexham.” Meanwhile, Formula 1 racing has become popular in the U.S. in part due to the Netflix series “Drive to Survive.”
“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,” Maximum Effort Investments co-founder James Toney said. “We’re thankful to our partners at Otro Capital and RedBird Capital Partners and look forward to diving in with them, as well as our co-investors Michael B. Jordan and Rob McElhenney.”
In addition to Wrexham, the group of investors have previously worked with Dallas Cowboys, Fenway Sports Group, the NFL and French soccer club Toulouse.
Alpine Racing SAS, the entity manufacturing F1 engines in Viry-Châtillon, France, is not part of the transaction and will remain entirely owned by Renault Group.
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