Wrexham Football Club owners Ryan Reynolds and Rob McElhenney have expanded their investment portfolio by acquiring a 24% equity stake in the Formula 1 team Alpine. The announcement was made by Renault, Alpine’s parent company. They revealed that the Hollywood actors would be joining forces with investment firms Otro Capital and RedBird Capital Partners.
Also Read: Austrian GP Starts on 30 June, Check Out All You Need To Know About the 2023 Austrian GP
With a valuation of approximately £706 million, the 200 million euros (£171 million) deal solidifies Alpine Racing’s position in the British motorsport industry. Alpine are currently placed fifth in this year’s F1 constructors’ championship.
Reynolds and McElhenney, who successfully completed their takeover of Wrexham Football Club in 2021, will be joined by US investment firm RedBird Capital. Notably, RedBird Capital holds stakes in prestigious sports entities like Fenway Sports Group, the owner of Premier League side Liverpool and the Boston Red Sox baseball team.
RedBird Capital made headlines in August 2022 when it acquired Italian Serie A club AC Milan in a deal worth 1.2 billion euros. Additionally, the firm has a controlling stake in French Ligue 1 side Toulouse.
Laurent Rossi, CEO of Alpine, expressed his excitement on the collaboration. He stated that it represents a significant milestone in the team’s growth. Rossi emphasized that the investment from Reynolds, McElhenney, and the other partners would contribute to enhancing Alpine’s performance.
“This association is an important step to enhance our performance at all levels”, Laurent Rossi said.
“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”, Rossi further added.
Follow InsideSport on GOOGLE NEWS / Follow Formula 1 Live Updates on InsideSport.IN.
Editor's Pick
Cricket
IND vs AUS 4th Test LIVE Score, Day 1: Washington Sundar removes Labuschagne, in comes Travis Head
Top Stories
IND vs AUS: Could Virat Kohli invite "one Test ban" after Sam Konstas incident? Review likely by ICC
