Proactive Investors - Ryan Reynolds has continued his streak of investing in sports teams by purchasing a new stake in Renault (EPA:RENA) Group’s Formula One team Alpine.
Reynolds’ Maximum Effort Investments teamed up with US firms Otro Capital and RedBird Capital Partners to buy the 24% stake in the racing team for €200mln, with Michael B. Jordan and Wrexham AFC co-chair Rob McElhenney also involved.
“We believe there is tremendous untapped potential in Alpine Racing [and] are eager to help shine a light on this incredible team,” Maximum Effort co-founder James Toney said.
Alpine finished fourth in last year’s Formula One championship, with the team aiming to be fighting for championships within 100 races.
Actors Reynolds and McElhenney took over Welsh football club Wrexham in 2020 meanwhile and oversaw the team’s return to the English Football League earlier this year.
The collective investment in Alpine, which is a subsidiary of Renault, sees the team valued at around $900mln and will fuel “growth plans and sporting ambitions in F1,” the group said in a statement.
“This partnership will accelerate Alpine F1 development by diversifying revenue drivers and increasing brand value,” Renault added.
Other teams have previously secured investments by offering seats to certain drivers, including Aston Martin Lagonda Global Holdings PLC (LSE:AML) which is owned by Lawrence Stroll and races his son Lance as one of its two drivers.