Ryan Reynolds Invests in Alpine F1 Team
As media companies and big technology firms vie for sports viewers, investors have begun to look beyond the traditional avenues to teams and sports that only a few years ago had low profiles in the United States.
The latest deal, for a fifth-rated Formula 1 team owned by one of France’s largest automobile companies, involves the actor Ryan Reynolds and his investment firm, Maximum Effort Investments; as well as the private equity firm RedBird Capital Partners and its investing partner Otro Capital. They are buying a 24 percent stake in Alpine F1 Team owned by Renault Group. The investors are paying about 200 million euros ($218 million) for the stake, valuing the team at roughly $900 million.
Formula 1 has jumped in popularity in the United States since its sale to Liberty Media in 2017. The Netflix documentary “Drive to Survive” attracted new attention to the sport, and attendance has skyrocketed as it has expanded to cities like Las Vegas and Miami.
For Renault, the Alpine deal is aimed at raising the visibility of its Alpine electric vehicle line, as it pushes to have more than half its sales in E.V.s by 2030. In a news release, Renault’s chief executive, Luca de Meo, said the deal would increase the value of the Alpine F1 brand.
Source: The New York Times
