Ryan Reynolds, RedBird back Renault’s Alpine Formula 1 team

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Hollywood actor Ryan Reynolds and AC Milan owner RedBird Capital Partners are leading a group of investors taking a stake in Renault SA’s Alpine Formula 1 team that values the business at $US900 million ($1.3 billion).

RedBird, Otro Capital and Maximum Effort Investments will spend €200 million ($326 million) for a 24 per cent share in Alpine Racing, the unit helming Alpine’s Formula 1 activities, Renault said.

Wrexham owners Rob McElhenney, left, and Ryan Reynolds.Credit: FX

The French carmaker is pushing ambitious plans for its Alpine sports-car unit, including vehicle sales in the US. The manufacturer reaffirmed a target to reach €8 billion in revenue for the maker of the Alpine A110 sports coupe in 2030 and break even in 2026.

Renault chief executive officer Luca de Meo’s Formula 1 efforts are a key plank of his strategy of expanding the sports car business and move towards electrification. After rebranding Renault’s Formula 1 team as Alpine, de Meo is now developing a full line of models to follow.

The deal means Alpine gains access to a seasoned investor group. RedBird, which manages $US8.6 billion of capital across sectors including sports, consumer and financial services, led a €1.2 billion takeover of AC Milan last year and also owns the French soccer team Toulouse FC. Alec Scheiner, co-founder and partner of Otro Capital, will join Alpine’s board of directors.

For Reynolds, the move adds another sporting interest to his Maximum Effort Investments, after he and fellow Hollywood actor partner Rob McElhenney took control of UK soccer club AFC Wrexham in 2021. A frequent spectator at games, Reynolds saw its promotion back to the English football league this year.

The Alpine team finished fourth in the Formula 1 standings last season. While driver Esteban Ocon came in third at the prestigious Monaco Grand Prix last month, the start to this year’s Formula 1 championship has been otherwise difficult. The team is currently fifth in constructor standings, behind Red Bull Racing, Mercedes, Aston Martin and Ferrari.

Alpine Racing SAS, the entity manufacturing F1 engines in Viry-Châtillon, France, will remain 100 per cent owned by Renault.

Bloomberg

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