Topline
A group of U.S. investors including Hollywood star Ryan Reynolds have agreed to acquire a 24% stake in the Renault-owned Alpine Formula 1 team, the company announced Monday, the latest sign of growing U.S. interest in the world’s premier motorsport event.
Esteban Ocon (31) of France and Alpine competes during F1 Grand Prix of Canada at Circuit Gilles … [+]
Key Facts
The group, which includes RedBird Capital Partners, Otro Capital and Ryan Reynolds’ Maximum Effort Investments, will pay $218 million (€200 million) to acquire the stake in the racing team, Renault announced.
The deal values Alpine, which is ranked fifth on the team standings for the 2023 F1 season, at $900 million.
New York-based RedBird Capital Partners holds a stake in Fenway Sports Group—the owners of the Boston Red Sox MLB team and the Premier League soccer club Liverpool FC—and also owns Italian soccer club AC Milan and French Club Toulouse.
Reynolds and fellow actor Rob McElhenney own the EFL League Two soccer club Wrexham AFC.
Otro Capital’s founder Alec Scheiner will join the F1 team’s board as part of the deal.
Tangent
Renault rebranded as Alpine F1 at the start of the 2021 season. In the two years since, Alpine, based in Enstone, U.K., has remained a competitive midfield team—even winning the 2021 Hungarian Grand Prix—but has fallen short of competing with the sport’s top teams including Red Bull, Mercedes and Ferrari. As Renault F1, the team won two consecutive world championships in 2005 and 2006—ending Ferrari’s five-year grip on the title. The team’s current lineup is made up of two French drivers: Esteban Ocon and Pierre Gasly.
Key Background
Formula One has seen a major popularity surge in America over the past few years, following its takeover by the U.S.-based Liberty Media Corporation in 2017 and Netflix documentary series Drive to Survive. The 2023 F1 calendar features three races in the U.S., including the Miami Grand Prix, the United States Grand Prix in Austin Texas and the new Las Vegas Grand Prix. But the sport hasn’t crowned an American champion since 1978, when Mario Andretti won the title with the now-defunct Team Lotus. Logan Sargeant, 22, is currently the only U.S. driver in Formula 1, while Haas F1 is the sole U.S.-owned team. Andretti Autosport, owned by Mario Andretti’s son Michael Andretti, has publicly spoken about their interest to join the F1 grid, but other teams have pushed back. Earlier this year, Ford announced it had entered a strategic partnership with the reigning world champions Red Bull and will help the team develop its engines in the 2026 season.
Further Reading
Reynolds, McElhenney join group investing in Alpine F1 team (ESPN)
