Wrexham’s Hollywood owners join group buying into Alpine F1

wrexham’s-hollywood-owners-join-group-buying-into-alpine-f1
Wrexham’s Hollywood owners join group buying into Alpine F1

Hollywood actors Rob McElhenney and Ryan Reynolds are set to join Otro Capital and RedBird Capital Partners in an investor group that will acquire a 24% equity stake in Alpine Racing, the parent company of the Formula One team Renault. The deal, which is worth €200 million ($218.10 million), values the British-based Alpine Racing at approximately $900 million following the investment. Alec Scheiner, the co-founder and partner of Otro Capital, will join Alpine Racing’s board of directors. Reynolds, who leads Maximum Effort Investments with McElhenney and fellow actor Michael B. Jordan as co-investors, is best known for his role in the movie ‘Deadpool’, while McElhenney is known for his work on the American comedy series ‘It’s Always Sunny in Philadelphia’. The duo took over Wrexham, a Welsh soccer club, in November 2020, funding the club’s return to the English Football League as fifth-tier champions in April this year. Their popular docu-series ‘Welcome to Wrexham’ has propelled the little-known club into the global spotlight.

Renault stated that Otro and RedBird’s investment includes the participation of the Huntsman Family and Main Street Advisors. RedBird, a US investment firm run by former Goldman Sachs banker Gerry Cardinale, is an investor in Fenway Sports Group, the owner of Premier League side Liverpool and the Boston Red Sox baseball team. The firm also has a controlling stake in French soccer club Toulouse and bought Italy’s AC Milan last August in a €1.2 billion deal that also involved the owners of the New York Yankees baseball team. Alpine Racing, which has a factory in Enstone, central England, won Formula One constructors’ world championships in 2005 and 2006 when they competed as Renault’s works team and also as Benetton in 1995. They finished fourth in the championship last year and are currently fifth after eight of 22 races. Renault said Alpine Racing SAS, the French entity that makes the team’s power units in Viry-Châtillon, will remain entirely owned by the carmaker.

“This association is an important step to enhance our performance at all levels,” said Alpine CEO Laurent Rossi. “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. 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.” ‘Mountain Climber’ is a plan to be fighting for championships within the space of 100 races, starting in 2022.

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Hi, I'm Alex Perez, an experienced writer with a focus on lifestyle and culture news. From food and fashion to travel and entertainment, I love exploring the latest trends and sharing my insights with readers. I also have a strong interest in world news and business, and enjoy covering breaking stories and events.

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