The Renault Group has announced that the Alpine F1 team’s development has been sped up after being able to attract ‘world-class’ investors in a deal worth £171million.
Otro Capital, RedBird Capital Partners and Maximum Effort Investments have all been officially welcomed by Renault after the investment group purchased a 24% stake in the Alpine F1 team.
Following this significant investment, Alpine Racing Ltd is now valued in the region of £700m.
There are some very familiar names involved in the investment, with Hollywood actor Ryan Reynolds spearheading the Maximum Effort Investments part of the deal and is joined by ‘It’s Always Sunny in Philadelphia’ star Rob McElhenney, the duo joining forces once more after buying Welsh football club Wrexham in 2020.
Another Hollywood actor in the form of Michael B. Jordan has also invested alongside Reynolds and McElhenney.
Luca de Meo, CEO of Renault Group, said upon the announcement: “Formula 1 and Alpine are strategic assets for Renault Group.
“Over the past two years, we have re-ignited Alpine, capitalizing on its iconic A110 sports coupé, boosting it by entering Formula 1, where it aims to become a championship contender.
“This partnership will accelerate Alpine F1 development by diversifying revenue drivers and increasing brand value.”
Laurent Rossi, CEO of Alpine, said in his statement that his eyes are firmly locked on the top of the F1 field following the investment.
“This association is an important step to enhance our performance at all levels,” he said.
“First, Otro Capital, RedBird Capital Partners and Maximum Effort Investments, as international players with strong track record in the sports industry, will bring their recognized expertise to boost our media and marketing strategy, essential to support our sporting performance over the long term.
“Second, the incremental revenue generated will in turn be reinvested in the team, in order to further accelerate our Mountain Climber plan, aimed at catching up with top teams in terms of state-of-the-art
Alec Scheiner, co-founder and partner of Otro Capital, will joined the Alpine Racing Ltd’s board of investments.
“We are thrilled to have the opportunity to invest in Alpine F1,” he added.
“We believe in the management of the company, the value of the brand as well as the long-term trajectory of the sport.
“We believe that, along with our partners RedBird and Maximum Effort Investments, we can add value to Alpine’s business operations and brand building, especially in North America.”
Alpine has also confirmed that Alpine Racing SAS, the entity manufacturing F1 engines in Viry-Châtillon, France, is ‘not part of the transaction’ and will ‘remain entirely owned by Renault Group.’
More details on Alpine’s strategy and future vision following this investment will come to light on Monday afternoon at Alpine’s Future Tour event.
TORONTO – Canada’s main stock index was up more than 100 points in late-morning trading, helped by strength in base metal and utility stocks, while U.S. stock markets were mixed.
The S&P/TSX composite index was up 103.40 points at 24,542.48.
In New York, the Dow Jones industrial average was up 192.31 points at 42,932.73. The S&P 500 index was up 7.14 points at 5,822.40, while the Nasdaq composite was down 9.03 points at 18,306.56.
The Canadian dollar traded for 72.61 cents US compared with 72.44 cents US on Tuesday.
The November crude oil contract was down 71 cents at US$69.87 per barrel and the November natural gas contract was down eight cents at US$2.42 per mmBTU.
The December gold contract was up US$7.20 at US$2,686.10 an ounce and the December copper contract was up a penny at US$4.35 a pound.
This report by The Canadian Press was first published Oct. 16, 2024.
TORONTO – Canada’s main stock index was up more than 200 points in late-morning trading, while U.S. stock markets were also headed higher.
The S&P/TSX composite index was up 205.86 points at 24,508.12.
In New York, the Dow Jones industrial average was up 336.62 points at 42,790.74. The S&P 500 index was up 34.19 points at 5,814.24, while the Nasdaq composite was up 60.27 points at 18.342.32.
The Canadian dollar traded for 72.61 cents US compared with 72.71 cents US on Thursday.
The November crude oil contract was down 15 cents at US$75.70 per barrel and the November natural gas contract was down two cents at US$2.65 per mmBTU.
The December gold contract was down US$29.60 at US$2,668.90 an ounce and the December copper contract was up four cents at US$4.47 a pound.
This report by The Canadian Press was first published Oct. 11, 2024.
TORONTO – Canada’s main stock index was little changed in late-morning trading as the financial sector fell, but energy and base metal stocks moved higher.
The S&P/TSX composite index was up 0.05 of a point at 24,224.95.
In New York, the Dow Jones industrial average was down 94.31 points at 42,417.69. The S&P 500 index was down 10.91 points at 5,781.13, while the Nasdaq composite was down 29.59 points at 18,262.03.
The Canadian dollar traded for 72.71 cents US compared with 73.05 cents US on Wednesday.
The November crude oil contract was up US$1.69 at US$74.93 per barrel and the November natural gas contract was up a penny at US$2.67 per mmBTU.
The December gold contract was up US$14.70 at US$2,640.70 an ounce and the December copper contract was up two cents at US$4.42 a pound.
This report by The Canadian Press was first published Oct. 10, 2024.
