Hollywood stars are investing in Formula 1 racing as the sport expands its profile in America.
Ryan Reynolds’ firm Maximum Effort Investments and its investing partner Otro Capital have purchased a 24 percent stake in F1 Team Alpine owned by French automotive company 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.
“The transaction values Alpine Racing Ltd. around $900 million following this investment,” the team said in a statement. “It will accelerate Alpine’s growth plans and sporting ambitions in F1.”
Alpine is a mid-level team that has shown promise in recent years, according to The Hollywood Reporter. It finished fourth out of 10 teams during its 2022 season and is led by French drivers Pierre Gasly and Esteban Ocon.
“Formula 1 and Alpine are strategic assets for Renault Group,” Renault Group CEO Luca de Meo said in a statement. “Over the past two years, we have re-ignited Alpine, capitalising on its iconic A110 sports coupe, boosting it by entering Formula 1, where it aims to become a championship contender. This partnership will accelerate Alpine F1 development by diversifying revenue drivers and increasing brand value.”
Formula 1 has seen a surge in popularity in the United States following its sale to Liberty Media in 2017. One major factor in its rise was the hit Netflix documentary Drive to Survive, which led to higher attendance as the circuit expanded in Las Vegas and Miami, The Times reported.
Reynolds first entered sports team ownership in November 2020 when he and McElhenney purchased Welsh soccer club Wrexham AFC. He even bought a home in Wales to be closer to his investment. The team experienced a subsequent surge in fame thanks to its new celebrity backers, as well as a popular Disney+ docu-series, Welcome to Wrexham, detailing the team’s happenings. During the 2023 season, the team managed to get promoted back into the English Football League for the first time in 15 years.
