In a bid to expand the sports car business and shift towards electrification, Renault CEO Luca de Meo is determined to raise the profile of Alpine. A crucial part of his strategy involves the F1 efforts, which have become increasingly attractive to investors due to the sport’s recent surge in popularity.
Following the rebranding of Renault’s F1 team as Alpine, de Meo is now focused on developing a complete lineup of models for the brand. Alpine, renowned for its A110 sports coupe, will fully transition to electric vehicles by 2026.
Leading the charge in investment is ‘Deadpool’ star Reynolds, along with McElhenney from the American comedy series ‘It’s Always Sunny in Philadelphia’ and actor Michael B. Jordan who are also co-investors. Reynolds and McElhenney made headlines in November 2020 when they took control of the Welsh soccer team Wrexham. Their funding assisted the club in returning to the English Football League as champions of the fifth-tier in April of this year.
Their widely acclaimed docu-series ‘Welcome to Wrexham’ propelled the previously lesser-known club into the global spotlight, garnering immense popularity in North America. Taking note of this success, Renault has attracted investments from Otro and RedBird, with the participation of the Huntsman Family and Main Street Advisors.
Alec Scheiner, co-founder and partner of Otro Capital, has been appointed to Alpine Racing’s board of directors, further strengthening the team’s leadership. Additionally, U.S. investment firm RedBird, led by former Goldman Sachs banker Gerry Cardinale, has invested in Fenway Sports Group, the owning company of Premier League side Liverpool and the Boston Red Sox baseball team.
RedBird already holds a controlling stake in French soccer club Toulouse and completed a 1.2-billion-euro deal last August to acquire Italian club AC Milan, which also involved the owners of the New York Yankees baseball team.
Bloomberg has contributed to this report.
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Omprakash Tiwary is a business writer who delves into the intricacies of the corporate world. With a focus on finance and economic landscape. He offers readers valuable insights into market trends, entrepreneurship, and economic developments.
