Actor Ryan Reynolds heads investment group backing F1 team in US $218 million deal

After football, Hollywood stars Ryan Reynolds and Rob McElhenney set their sights on Formula 1.

F1 team Alpine has secured an investment of 200 million euros ($218 million US) from a group of investors, including the actors.

French car company Renault Group, Alpine’s parent company, said on Monday that the group has acquired a 24 percent stake in the team. It includes Otro Capital, RedBird Capital Partners and Maximum Effort Investments, led by Reynolds.

“The transaction values ​​Alpine Racing Ltd. after this investment in the region of $900 million,” the team said in a statement. “It will accelerate Alpine’s growth plans and sporting ambitions in F1.”

Other investors include actor Michael B. Jordan.

Reynolds and McElhenney completed a takeover of Welsh football team Wrexham in November 2020 for $2.5 million. The club rose to the global spotlight due to its A-list owners and secured promotion to the fourth tier of English football this season.

In May, multiple media outlets reported that a bid for the NHL’s Ottawa Senators by real estate developers Remington Group fell through. Reynolds was believed to be attached to that offer.

A group led by Canadian businessman Michael Andlauer earlier this month agreed in principle to buy 90 percent of the senators.

With drivers Pierre Gasly and Esteban Ocon, Alpine is fifth in the constructors’ championship. The team was fourth in the constructors’ standings last year and has struggled to close the gap on Red Bull, Ferrari and Mercedes this season.

Renault said the investors have expertise in the sports industry, having previously worked with the Dallas Cowboys, Fenway Sports Group, the NFL, French football club Toulouse and Wrexham.

Renault said Alpine Racing SAS, the entity that produces F1 engines in France, is not part of the transaction and remains wholly owned by the Renault Group.