Hollywood A-listers buy stake in F1 squad

After football, Hollywood stars Ryan Reynolds and Rob McElhenney are setting their sights on Formula One.

Alpine has secured a $327 million investment from a group of investors that includes the actors.

French automotive company Renault Group — Alpine's parent company — said the group has acquired a 24 per cent stake in the team. It includes Otro Capital, RedBird Capital Partners and Maximum Effort Investments, which is led by Reynolds.

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"The transaction values Alpine Racing Ltd. around $1.35 billion following this investment," the team said in a statement. "It will accelerate Alpine’s growth plans and sporting ambitions in F1."

Other investors include actor Michael B. Jordan.

Reynolds and McElhenney completed a $3.7 million takeover of Welsh soccer team Wrexham in November 2020. The club was thrust into the global spotlight because of its A-list owners and secured promotion to the fourth tier of English football this season.

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With drivers Pierre Gasly and Esteban Ocon, Alpine stands fifth in the constructors' championship. The team was fourth in the constructors’ standings last year and has been struggling in its goal to close the gap to Red Bull, Ferrari and Mercedes this season.

Renault said the investors have an expertise in the sports industry, having previously worked with the Dallas Cowboys, Fenway Sports Group, the NFL, French football club Toulouse and Wrexham.

Renault said Alpine Racing SAS, the entity manufacturing F1 engines in France, is not part of the transaction and will remain entirely owned by Renault Group.

The F1 circus continues this weekend with the Austrian Grand Prix, which will host the second Sprint event for the year.

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