Hollywood stars are investing in Formula 1 racing as the sport raises its profile in America.
Ryan Reynolds’ Maximum Effort Investments company and its investor partner Otro Capital have bought a 24% stake in F1 Team Alpine owned by French automotive group Renault Group, according to an F1 announcement and a New York Times report. The actor’s co-investors include actor Michael B. Jordan and Wrexham AFC co-chairman Rob McElhenney.
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“The transaction values Alpine Racing Ltd. at approximately $900 million following this investment,” the team said in a statement. “This will accelerate Alpine’s growth plans and sporting ambitions in F1.”
Alpine are a mid-level team that have shown promise in recent years, according to The Hollywood Reporter. It finished fourth out of 10 teams in its 2022 season and is led by French drivers Pierre Gasly and Esteban Ocon.
“Formula 1 and Alpine are strategic assets for Groupe Renault,” Groupe Renault CEO Luca de Meo said in a statement. “Over the past two years, we have relaunched Alpine, capitalizing on its iconic A110 sports coupe, boosting it by entering Formula 1, where it aims to become a championship contender. This partnership will accelerate the development of Alpine F1 diversifying revenue streams and increasing brand value.
Formula 1 enjoyed a resurgence in popularity in the United States after it was sold to Liberty Media in 2017. A major factor in its rise was the hit Netflix documentary. Drive to survivewhich led to an increase in attendance as the circuit expanded to Las Vegas and Miami, The temperature reported.
Reynolds first became a sports team owner in November 2020 when he and McElhenney bought Welsh football club Wrexham AFC. He even bought a house in Wales to be closer to his investment. The team enjoyed a surge afterward thanks to their new celebrity endorsers, as well as a popular Disney+ docu-series, Welcome to Wrexham, detailing the events of the team. In the 2023 season, the team managed to gain promotion to the English Football League for the first time in 15 years.
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