The Renault group announced on Monday the transfer of 24% of its Formula One brand Alpine for 200 million euros. to a group of funds including Otro Capital, a specialist in sports business investments.
The stated purpose of the entry of Other Capital, RedBird Capital Partners and Maximum Effort Investments is “accelerate the growth strategy as well as Alpine’s sporting ambitions in Formula One“, the French car manufacturer explained in a statement.
To achieve this, the group of new investors will contribute their experience in the world of sportsspecifically in the field of media, sponsorship, ticketing, license management or derivative products to create new revenue vectors and generate additional value.
Renault emphasized that these investors have extensive experience in managing sports entitiessuch as Dallas Cowboys, Fenway Sports Group, NFL, Toulouse FC or Wrexham AFC.
The new shareholders will also contribute their knowledge of data and technology.
Other Capital co-founder and associate Alec Scheiner to join Alpine’s board of directorswhich in this operation will cost “more than 900 million dollars”, stressed the French builder.
Renault pointed out that the new shareholders will not have any involvement in its subsidiary Alpine Racing SASwhich is the entity that builds Formula One engines, and is based in France, as opposed to the Formula One-focused structure, which is based in the United Kingdom.
Its CEO, Luca de Meo, has been mentioned for the last two years his group relaunched Alpine from the sporty coupe A110 model and revitalizing that brand by exiting Formula One, where they want to “fight for the title”.
Scheiner, for his part, expressed his satisfaction with this operation and assured that together with other investors they believe that they can contribute to Alpine with their experience in operations and developing the brand image, “especially in North America, to create value.”
In the current season, French Renault Alpine drivers Esteban Ocón and Paul Gasly are ninth and tenth in the world championship, respectively, and the team is fifth in the manufacturers’ standings.
Source: La Verdad
I’m Rose Herman and I work as an author for Today Times Live. My expertise lies in writing about sports, a passion of mine that has been with me since childhood. As part of my job, I provide comprehensive coverage on everything from football to tennis to golf.
