As media conglomerates and tech giants compete for sports viewership, investors are now exploring unconventional opportunities in lesser-known teams and sports in the United States. The latest partnership involves actor Ryan Reynolds, his investment firm Maximum Effort Investments, private equity firm RedBird Capital Partners, and their investing partner Capital, as they acquire a 24 percent stake in the Alpine F1 Team owned by Renault Group. The deal, valued at approximately $900 million, is a significant step in raising the visibility of Renault’s Alpine electric vehicle line and achieving their goal of selling over half of their vehicles as electric by 2030.
Formula 1 has seen a surge in popularity in the United States since its acquisition by Liberty Media in 2017. The release of the Netflix documentary “Drive to Survive” has attracted new attention to the sport, leading to increased attendance and expansion into cities like Las Vegas and Miami.
Laurent Rossi, CEO of Alpine, expressed enthusiasm about investing additional funds into the team to improve their rankings. The collaboration between Alpine and Maximum Effort has been in the works for the past 18 months, with Alec Scheiner, head of Otro Capital, joining Alpine’s board as part of the deal. Scheiner’s expertise in areas such as ticketing, hospitality, sponsorship, licensing, merchandising, and content has been recognized as valuable to Alpine’s growth strategy.
Alec Scheiner, formerly a partner at RedBird Capital and experienced in sports business operations with the Dallas Cowboys and Cleveland Browns, emphasized that this deal is the first for Otro, a company that focuses solely on raising funds for sports-oriented ventures. RedBird Capital, led by Gerry Cardinale, has made significant investments in various sports entities, including Fenway Sports Group, the YES Network, A.C. Milan, and the production company owned by Ben Affleck and Matt Damon. In 2021, they acquired a stake in Rajasthan Royals, an Indian Premier League cricket team, for $37.5 million, solidifying their position among the world’s most valuable sports properties.
Maximum Effort, known for their investments in Aviation Gin and the Wales soccer team Wrexham AFC, has not disclosed the size of their investment in the Alpine F1 Team. Noteworthy investors also include actor Michael B. Jordan and Rob McElhenney, a co-owner of Wrexham AFC.
Overall, this collaboration between prominent individuals and investment firms reflects the ongoing trend of seeking out unconventional sports investment opportunities while capitalizing on the rising popularity of Formula 1 in the United States. The partnership is set to benefit both the Alpine F1 Team and Renault’s Alpine electric vehicle line, offering new avenues for growth and visibility in the industry.
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