F1 team Alpine has secured a 200 million euro ($218 million) investment from a group of investors that includes the actors.
French automotive company Renault Group — Alpine’s parent company — said Monday that the group has acquired a 24% stake in the team. It includes Otro Capital, RedBird Capital Partners and Maximum Effort Investments, which is led by Reynolds.
“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.”
Other investors include actor Michael B. Jordan.
Reynolds and McElhenney completed a $2.5 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 soccer this season.
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 on 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 soccer 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.
Copyright © 2023 The Associated Press. All rights reserved. This material may not be published, broadcast, written or redistributed.