Wrexham owners Ryan Reynolds and Rob McElhenney buy stake in F1 team Alpine
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Wrexham’s Hollywood owners, Ryan Reynolds and Rob McElhenny have joined a group of investors in taking a stake in the Alpine F1 team.
On Monday, it was confirmed that Reynolds and McElhenney are taking a 24 per cent equity stake in Alpine alongside Otro Capital and RedBird Capital Partners.
After an injection of €200 million from the new investor group, Alpine are now believed to be valued at €900 million.
The Oxfordshire-based team, who are owned by the Renault Group are currently fifth in the F1 constructor’s championship.
Renault Group CEO Luca de Meo spoke about the new partnership.
He said: “Formula 1 and Alpine are strategic assets for Renault Group.
“Over the past two years, we have re-ignited Alpine, capitalising on its iconic A110 sports coupe, 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.”
Alpine’s CEO, Laurent Rossi added: “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 recognised 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’s drivers Esteban Ocon and Pierre Gasly are ninth and 10th in the driver’s championship respectively.
F1 will return this weekend with the Austrian Grand Prix taking place on Sunday.