Hollywood actors Ryan Reynolds and Rob McElhenney are joining Otro Capital and RedBird Capital Partners in an investor group taking a 24% equity stake in Alpine Racing, the Formula One team’s parent company, Renault, announced Monday.
The €200 million ($218.10 million) deal values British-based Alpine Racing at around $900 million following the investment.
Alec Scheiner, the co-founder and partner of Otro Capital, will join Alpine Racing’s board of directors.
“Deadpool” star Reynolds leads Maximum Effort Investments with McElhenney, of the American comedy series “It’s Always Sunny in Philadelphia,” and fellow actor Michael B. Jordan as co-investors.
Reynolds and McElhenney took over Wrexham in November 2020, funding the Welsh club’s return to the English Football League as fifth-tier champions in April this year.
Their popular Disney+ docu-series “Welcome to Wrexham” has proved a big hit in North America, propelling the little-known club into the global spotlight.
Renault said Otro and RedBird’s investment included the participation of the Huntsman Family and Main Street Advisors.
U.S. investment firm RedBird, run by former Goldman Sachs banker Gerry Cardinale, is an investor in Fenway Sports Group, the owner of Premier League side Liverpool and the Boston Red Sox baseball team.
RedBird also has a controlling stake in French club Toulouse and bought Italy’s AC Milan in August 2022 in a €1.2 billion deal that also involved the owners of the New York Yankees baseball team.
Alpine Racing, with a factory at Enstone in central England, won Formula One constructors’ world championships in 2005 and 2006 when they competed as Renault’s works team and also as Benetton in 1995.
They finished fourth in the championship last year and are currently fifth after eight of 22 races.
Renault said Alpine Racing SAS, the French entity that makes the team’s power units in Viry-Chatillon, will remain entirely owned by the carmaker.
“This association is an important step to enhance our performance at all levels,” Alpine CEO Laurent Rossi said.
“Otro Capital, RedBird Capital Partners and Maximum Effort Investments, as international players with strong track record in the sports industry, will bring their recognised expertise to boost our media and marketing strategy, essential to support our sporting performance over the long term.
“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 facilities and equipment.”
As part of Alpine’s “Mountain Climber” plan, the team set a goal to be fighting for championships within the space of 100 races, starting in 2022.
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.
