Ryan Reynolds Invests Over $200 Million In Alpine Formula 1 Team
26.06.2023 - 15:39
/ etcanada.com
Ryan Reynolds is the new part owner of another sports team.
This week, Formula 1 team Alpine announced they had secured new backing from an inventor group, including the Canadian movie star.
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According to Formula1.com, the investor group, which also includes Otro Capital, RedBird Capital Partners and Maximum Effort Investments, acquired a 24 per cent stake in the team in a deal worth over $280 million.
The cash injection into the team places its value at nearly $1.3 billion.
“Formula 1 and Alpine are strategic assets for Renault Group,” said Renault Group CEO Luca de Meo. “Over the past two years, we have re-ignited Alpine, capitalising on its iconic A110 sports coupe, 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.”
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The investor group has also gotten in on other sports franchises, including the Dallas Cowboys, the French soccer team Toulous FC and Wrexham AFC, which is co-owned by Reynolds and Rob McElhenney.
News of Reynolds’ latest sports investment comes just months after he dropped out of a joint bid to purchase the NHL’s Ottawa Senators.