Why have Wrexham owners Ryan Reynolds and Rob McElhenney invested in Alpine F1 team?
The Hollywood duo have added to their sporting portfolio by joining an investor group that has bought a 24 per cent stake in the French Formula 1 team
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Your support makes all the difference.Alpine have confirmed the involvement of Wrexham owners Ryan Reynolds and Rob McElhenney among a group of investors who have bought a 24 per cent equity stake in the French F1 team.
The Hollywood duo, famous together for purchasing non-league Wrexham and playing a starring role in their recent transformation and promotion to the Football League, have now expanded their sporting portfolio further.
Renault, the Formula 1 team’s parent company, confirmed that Reynolds and McElhenney have joined RedBird Capital Partners, the US investment firm that own Italian football club AC Milan and also have stakes in Liverpool owners Fenway Sports Group, in the deal alongside US-based Otro Capital.
But why have Reynolds and McElhenney looked to F1 for their next sporting investment? What does it mean for Alpine and their championship ambitions? And how will it impact the constant arms race that is Formula 1?
Here’s everything you need to know
Why have Reynolds and McElhenney invested in Alpine?
Given the success of their three years of ownership at Wrexham, both in financial and sporting terms, it is little wonder Reynolds and McElhenney want to expand their portfolio in sports.
Peculiarly, no quotes from the pair were included in this morning’s press release announcing the news. This perhaps indicates that their involvement – as one strand of an investor group in a 24 per cent minority stake in the team – will be far less overarching than their role at Wrexham as co-owners.
Nevertheless, it’s no secret what would’ve lured both to Formula 1 at this time. The sport is in the midst of a worldwide boom in popularity, brought about by an expansion in races and the popularity of hit Netflix show Drive to Survive.
There are three races in the US this year, with Las Vegas debuting in November alongside Miami and Austin, as well as one in Canada (where Reynolds hails from).
A more prudent question is out of all 10 teams, why Alpine? Well, the Renault-owned team rebranded as Alpine in 2021 with the intention of expanding the name-recognition of their luxury French sportscar brand – and they are looking to sell the model in the United States too.
It could also be a simple case of financial security. The £171m (€200m) investment of RedBird Capital Partners and Otro Capital shows how much money it takes to simply buy a minority stake in a midfield F1 team.
Alpine finished fourth in the constructors’ championship and lie in fifth place this season. They harbour ambitions of competing for championships though, as illustrated by their “Mountain Climber” project – detailed as a target of competing for championships within 100 races, starting in 2022.
What does it mean for Alpine’s F1 ambitions?
More investment in the Formula 1 project is needed at Alpine, particularly given Aston Martin’s emergence as a frontrunner this season after hefty financial investment from Lawrence Stroll in infrastructure and personnel.
The team are currently based at Enstone, a small plot of land in rural Oxfordshire, and is therefore limited in its background facilities. The money could contribute to improvement here.
It will also, inevitably, be reinvested in the team, with Renault aware of reducing the burden on its parent company to compete in the sport alongside heavyweights like Mercedes, Red Bull and Ferrari.
Hard taskmaster Laurent Rossi, Alpine’s CEO, has made it clear in no uncertain terms that results this season have not matched investment, with Esteban Ocon securing the team’s sole podium so far in 2023 at the Monaco Grand Prix.
While some may observe the Alpine F1 project as a marketing exercise to expand the recognition of the brand, Rossi’s ambitions are purely sporting as he targets race wins in the near future.
How will it impact Formula 1?
In the constant arms race that is F1 at the moment, a lack of investment and you risk being left behind.
The cost cap means teams have to diversify costs more practically – but more money is needed to keep the conveyor belt of development in the car and background facilities going.
From a simple interest point of view, Reynolds and McElhenney have a huge fanbase worldwide that the Wrexham project has only exacerbated. Alpine will prosper with a likelihood of an increase in support, particularly if the pair are spotted in the garage at races.
But the sport should reap the benefits too of further celebrity involvement, especially in the continued Americanisation of the sport.
It is likely to increase competition right at the top of the sport. Renault, who own the Alpine brand, won two championships with Fernando Alonso in 2005 and 2006, as well as in 1995 with Michael Schumacher while branded as Benetton.
With the involvement of the Hollywood pairing, as well as brand ambassador Zinedine Zidane, the A-listers are now out in full force for Alpine. Now it’s time for the glitz away from the track to be matched by results on the track.
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