Hollywood actors buy stake in F1's Alpine Racing / Photo: Oli SCARFF - AFP
-
Kospi Falls Below 5,000 as U.S. AI Regulation Fears Trigger Circuit Breaker
-
BYD Drops Rotating Screens in New Models Due to Tech Limits
-
Valsoft's TAG Software Group Enters the Content Operations Market with the Acquisition of Chalco
-
Samsung Leads Global DRAM Market as SK Hynix Gains Share
-
South Korea Proposes Fourth Delay of Cryptocurrency Gains Tax to 2029
-
Kakao Details Spinoff Plan to Monetize AI Through KakaoTalk
-
ASIC Fines Mona Museum Owner's Company for Late Financial Report
-
Business Leaders Condemn Productivity Commission Inquiry for Excluding Tax and Labor Issues
-
Business Leaders Criticize Productivity Commission Inquiry Scope
-
Sheikh Hasina Vows Return to Bangladesh Despite Death Sentence
NYSE - LSE
Hollywood actors buy stake in F1's Alpine Racing
Hollywood actors Ryan Reynolds, Rob McElhenney and Michael B. Jordan are among a consortium that has bought a 24 percent stake in Formula One team Alpine Racing.
Alpine's parent company Renault announced on Monday that the group will invest 200 million euros ($218 million) for their stake, valuing the team at $900 million, to help Alpine's "growth strategy and sporting ambitions".
"Deadpool" star Reynolds and "It's Always Sunny In Philadelphia" creator McElhenney have already enjoyed success with sporting investments as owners of football club Wrexham.
Backed by major investment, the Welsh side were promoted to the fourth tier of the English Football League in April for the first time in 15 years.
"Creed" and "Black Panther" star Jordan also has a stake in Premier League club Bournemouth.
Reynolds' Maximum Effort production company has teamed up with Otro Capital and RedBird Capital Partners, who recently took control of AC Milan and have a stake in Fenway Sports Group, owners of Liverpool and the Boston Red Sox.
"Alpine F1 team will benefit from the investor group's collective expertise and track record in the sports industry," said a statement released by the Renault Group.
Alpine's F1 engine-making entity in the suburbs of Paris is not part of the transaction and will remain entirely owned by Renault.
Since the Renault team was rebranded as Alpine in 2021, they have managed one Grand Prix victory and two other podium finishes.
Alpine finished fourth in the constructors' championship last season and sit fifth in the standings eight races into the 2023 season.
O.Salvador--PC
