Last Updated: June 26, 2023, 13:52 IST
Rob McElhenney (left) and Ryan Reynolds. (AFP Photo)
Apline’s parent company Renault announced the deal worth €200m (£171m/$218m) on Monday which now values the British team at around $900m (£708m)
Ryan Reynolds and Rob McElhenney have joined an investor group taking a 24 per cent stake in Formula 1 team Alpine Racing. The Hollywood actors already own Wrexham Football Club.
Apline’s parent company Renault announced the deal worth €200m (£171m/$218m) on Monday which now values the British team at around $900m (£708m).
Alpine CEO Laurent Rossi says the revenue generated will be reinvested into the team as they hope to catch up with F1 powerhouses.
“This association is an important step to enhance our performance at all levels. Otro Capital, RedBird Capital Partners and Maximum Effort Investments, as international players with strong track record in the sports industry, will bring their recognised expertise to boost our media and marketing strategy, essential to support our sporting performance over the long term,” Rossi said.
“The incremental revenue generated will in turn be reinvested in the team, in order to further accelerate our Mountain Climber plan, aimed at catching up with top teams in terms of state-of-the-art facilities and equipment,” he added.
As per the Mountain Climber plan, formulated in 2022, Alpine aims to start competing for world championship title inside 100 races.
Reynolds and McElhenney took over Wrexham in 2020 following which the Welsh club earned promotion to the Football League after 15 years.
Reynolds leads the Maximum Effort Investments alongside McElhenney which also has fellow Hollywood royalty Michael B. Jordan as co-investors.
US investment firm RedBird is an investor in Fenway Sports Group which owns Premier League club Liverpool FC and the Boston Red Sox baseball team.
Alpine finished fourth in the championship last season and are currently fifth in the standings.
Having made their debut in 2021, Apline had two-time world champion Fernando Alonso and Esteban Ocon as their two drivers for two years.
Alonso left for Aston Martin and Pierre Gasly replaced him in the line-up.
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