Current:Home > MarketsRyan Reynolds is part of investment group taking stake in Alpine Formula 1 team -FinanceCore
Ryan Reynolds is part of investment group taking stake in Alpine Formula 1 team
View
Date:2025-04-12 15:06:29
Mere months after their early success as owners of Welsh soccer club Wrexham, actors Ryan Reynolds and Rob McElhenney are joining an investment group taking a significant stake into Formula 1 team Alpine Racing, its parent company Renault announced Monday.
Otro Capital, RedBird Capital Partner and Maximum Effort Investments – which includes Reynolds, McElhenney and Michael B. Jordan – are getting a 24% equity stake, a deal worth approximately $218 million, Renault said in a press release. The investment will "accelerate Alpine's growth plans and sporting ambitions in F1," according to the company.
Renault touted the investor group's "collective expertise and track record in the sports industry" and its previous relationships with the Dallas Cowboys, the Fenway Group and Wrexham. Laurent Rossi, CEO of Alpine, said in a statement that the "association is an important step to enhance our performance at all levels."
"First, Otro Capital, RedBird Capital Partners and Maximum Effort Investments, as international players with strong track record in the sports industry, will bring their recognized expertise to boost our media and marketing strategy, essential to support our sporting performance over the long term," Rossi said. "Second, 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."
Alpine is now valued around $900 million after the investment. The team currently ranks fifth in the Formula 1 constructor standings.
RedBird is an investor of the Fenway Sports Group, which owns teams such as the Boston Red Sox and Pittsburgh Penguins. Maximum Effort Investments co-founder James Toney said in a statement that they focus on "unlocking value through the power of storytelling" and believe there is "there is tremendous untapped potential in Alpine Racing."
"We are eager to help shine a light on this incredible team," Toney said.
The infusion of money into Alpine comes after Reynolds and McElhenney purchased Wrexham for $2.5 million in 2021. It was the subject of a documentary entitled "Welcome to Wrexham" and in April, the team won the National League title, as popularity around the club soared. The team now heads back to the English Football League – three divisions below the Premier League – for the first time in 15 years.
- In:
- Ryan Reynolds
Christopher Brito is a social media manager and trending content writer for CBS News.
veryGood! (2424)
Related
- Friday the 13th luck? 13 past Mega Millions jackpot wins in December. See top 10 lottery prizes
- Uvalde mayor abruptly resigns, citing health concerns, ahead of City Council meeting
- Here's why Angel Reese and LSU will beat Iowa and Caitlin Clark, again
- Search underway for 2 women in Oklahoma after suspicious disappearance
- Taylor Swift Eras Archive site launches on singer's 35th birthday. What is it?
- YMcoin Exchange: leader in the IDO market
- College will cost up to $95,000 this fall. Schools say it’s OK, financial aid can numb sticker shock
- The Daily Money: Who wants to live to 100?
- Nearly half of US teens are online ‘constantly,’ Pew report finds
- After welcoming guests for 67 years, the Tropicana Las Vegas casino’s final day has arrived
Ranking
- Off the Grid: Sally breaks down USA TODAY's daily crossword puzzle, Triathlon
- Crews scramble to build temporary channel for 'essential' ships at Baltimore port
- Watch: Pieces of Francis Scott Key Bridge removed from Baltimore port after collapse
- Young children misbehave. Some are kicked out of school for acting their age
- Meet first time Grammy nominee Charley Crockett
- Jury selection begins in trial of Chad Daybell, accused in deaths of wife, 2 children after doomsday mom Lori Vallow convicted
- Missing California woman Amanda Nenigar found dead in remote area of Arizona: Police
- A section of Highway 1 in California collapsed during a storm, closure remains Monday
Recommendation
Justice Department, Louisville reach deal after probe prompted by Breonna Taylor killing
Powerball winning numbers for April 1 drawing: Jackpot rises to a massive $1.09 billion
The man charged in an Illinois attack that left 4 dead is due back in court
Prepare to Roar Over Katy Perry's Risqué Sheer 2024 iHeartRadio Music Awards Look
Friday the 13th luck? 13 past Mega Millions jackpot wins in December. See top 10 lottery prizes
With States Leading on Climate Policy, New Tools Peer Into Lobbying ‘Black Box’
Lou Conter, the final USS Arizona survivor from Pearl Harbor, dies at 102
Beyoncé Honors Her 3 Kids While Bringing Her Western Style to 2024 iHeartRadio Music Awards