A smaller ownership share in the Alpine Formula 1 squad has been widely recognized as available for acquisition by the best offeror. This specific 24% interest is presently held by Otro Capital, an investment consortium that includes prominent figures like actors Ryan Reynolds and Rob McElhenny, as well as golf star Rory McIlroy. Otro initially acquired this share for $233 million in the year 2023.
Despite being a non-controlling interest, there has been significant enthusiasm for this stake, owing to the increasing market worth of F1 teams under the current Concorde Agreement, which has essentially safeguarded the established participants. Surging popularity in the United States has drawn in additional teams and expanded the schedule of grand prix events, subsequently boosting team revenues.
In light of the expanding market, it is uncommon for significant equity holdings to become available, as current proprietors anticipate further growth in their assets’ values. In the preceding year, George Kurtz, CEO of Crowdstrike, invested $300 million for a 15% interest in the corporate structure overseen by Mercedes team principal Toto Wolff, which itself possesses a 33% share of the Mercedes F1 organization.
While Wolff’s name has recently surfaced in connection with a possible acquisition of Otro’s stake in Alpine, Mr. Wolff personally would not be funding this transaction. Rather, the Mercedes F1 team itself would be the purchaser, with its ownership equally distributed among Jim Ratcliffe (the CEO of the INEOS group), the investment vehicle controlled by Wolff, and the Mercedes-Benz Group.
Consequently, the situation presents a distinct character: this would not constitute a private endeavor by Toto Wolff, but instead a strategic action undertaken by the Mercedes F1 team. While individuals involved remain discreet, numerous observers within the racing paddock are speculating about the rationale behind obtaining a non-controlling interest that would offer no genuine influence over Alpine’s operational decisions.
Toto Wolff, Mercedes
Foto di: Martin Keep / AFP via Getty Images
This could merely represent a monetary placement, which would be logical assuming the ascending trajectory of Formula 1 team assessments persists. At present, an organization such as Alpine is valued at approximately €3 billion, a figure more than twice its worth only three years prior.
A partnership already exists between these two entities, wherein Mercedes furnishes the engine and gearbox (their agreement, enacted two years ago, extends through 2030). Nevertheless, within the framework of the budget ceiling, such collaborations do not assure especially substantial profits.
Furthermore, some observers view this action as an effort by Mercedes F1 to establish a presence within an organization whose enduring prospects are not consistently viewed as the most secure in the racing community. Francois Provost, who will assume the role of CEO of the Renault Group at the close of July 2025, is not perceived as a strong supporter of motorsport and, based on certain reports, could be inclined to divest the team without considerable reservation if an appropriate offer is made.
This represents another indication of F1’s evolution toward a franchise framework akin to the NFL, where the underlying ownership, beyond the team names, is largely indifferent to specific brands and predominantly concentrates on the commercial objective of expanding income.
