Hollywood stars Ryan Reynolds, Rob McElhenney, and Michael B. Jordan are part of a $220 million capital infusion into the Renault-owned Alpine Formula 1 team.
The trio — working through Reynolds’ Maximum Effort Investments — will join a broader investment effort that also includes Otro Capital and RedBird Capital Partners and will acquire a 24% stake in the Alpine team. The agreement implies a valuation of about $900 million on the team.
RedBird’s interest in the Alpine team was previously reported, but the arrival of the Hollywood trio gives the effort another sizable jolt of star power. The investment group will aid in key revenue-generating activities, such as media rights and sponsorship sales, during a boom period for F1.
“This partnership will accelerate Alpine F1 development by diversifying revenue drivers and increasing brand value,” said Luca de Meo, Renault Group CEO.
The deal also closely follows Reynolds’ failed effort to acquire the NHL’s Ottawa Senators.
Reynolds and McElhenney have become prominent figures in the sports world through their purchase of Welsh soccer club Wrexham AFC and subsequent development of the popular documentary series “Welcome to Wrexham.”
F1 CEO Stefano Domenicali said earlier this month that F1 team owners have been turning down investment and buyout offers worth “almost billions.”
An enforced scarcity is a key element of the investor interest. F1 has remained at 10 teams despite the property’s ongoing growth.