Alpine stake drama resurfaces

Alpine stake drama resurfaces A Formula 1 team can be partly owned without being fully sold, and Alpine is the latest example of how messy that can get. The team’s parent company, Renault Group, still controls Alpine Racing Ltd, but a 24% minority stake has become the center of a fresh power struggle involving Christian Horner, Otro Capital, Mercedes, and Renault chief executive François Provost. (media.renaultgroup.com) The background starts in June 2023, when Renault and Alpine announced a €200 million investment into Alpine Racing Ltd from a group led by Otro Capital, together with RedBird Capital Partners and Maximum Effort Investments. That deal gave the investor group 24% of Alpine Racing Ltd and implied a valuation of roughly $900 million for the Formula 1 operation based in Enstone, England. (media.renaultgroup.com) The deal was formally completed on December 18, 2023, when Renault said the 24% share sale had closed and that Otro Capital co-founder Alec Scheiner had joined the Alpine Racing Ltd board. Renault kept the remaining 76%, which meant the French manufacturer still held control even after bringing in outside money and celebrity-linked backers such as Ryan Reynolds and Michael B. Jordan. (media.renaultgroup.com) That minority stake is now back in play because Otro Capital has been exploring a sale. Alpine itself acknowledged earlier this year that preliminary talks had taken place over Otro’s stake, confirming that outside interest was real rather than just paddock gossip. (formula1.com) One of the names tied to those talks was Christian Horner, the longtime Red Bull team boss who has been linked with future Formula 1 opportunities that could include an ownership angle rather than just a management role. Reporting from *The Race* and *Motorsport.com* said Horner was in discussions over the 24% holding and was seen as someone interested in equity as part of any next move. (the-race.com) But Horner’s path appears to have hit resistance at the top of Renault. According to *The Race*, Renault Group chief executive François Provost has made clear he is not interested in a scenario that would bring Horner into Alpine as an investor, a sign that the issue is not simply price but also who gets influence inside the team. (the-race.com) Provost’s position matters because he is not a distant corporate figure. Renault appointed him chief executive on July 30, 2025, and he has already publicly said the company is committed to staying in Formula 1 for the long term, which suggests he sees Alpine as a strategic asset rather than something to flip or quietly exit. (renaultgroup.com) That helps explain why a minority sale can still become political. A 24% shareholder does not control the team, but the wrong partner can still gain board access, visibility into strategy, and leverage over future decisions, especially when the team is already rebuilding its leadership and performance structure. (media.renaultgroup.com) The other twist is that Mercedes has emerged as the preferred name in recent reporting. *The Race* said Mercedes was the favored route as talks with Otro cooled elsewhere, while *Motorsport.com* reported that the interest was from Mercedes itself rather than from team principal Toto Wolff personally. (the-race.com) That distinction is important because Alpine is already moving closer to Mercedes on the technical side. *Motorsport.com* described Alpine as a Mercedes customer outfit in this context, and a share purchase by Mercedes would deepen a relationship that is no longer just about engines or supply agreements but about capital and alignment. (motorsport.com) The numbers being discussed show how much Formula 1 team values have moved. Otro’s group bought 24% for €200 million in 2023, and current reporting has discussed a possible Mercedes investment of about €500 million for roughly the same 24% slice, implying a far richer valuation only a few years later. That reported figure has not been confirmed by Renault or Mercedes in the sources reviewed, but it matches the wider trend of Formula 1 teams becoming scarcer and more expensive assets. (media.renaultgroup.com) Flavio Briatore has added to the sense that Mercedes is not a random rumor. *Motorsport.com* reported that Briatore confirmed Mercedes intends to acquire a stake in Alpine, reinforcing the idea that these are active talks rather than speculative noise. (motorsport.com) So the immediate picture is this: Otro Capital appears willing to sell, Christian Horner has been linked but faces opposition from François Provost, and Mercedes is being treated as the cleaner fit. Alpine would still remain Renault-controlled if only the 24% block changed hands, but the identity of that minority owner could shape who Alpine listens to, who sits near the center of decision-making, and how the team positions itself for the next phase of Formula 1’s money race. (the-race.com)