American billionaire Steve Cohen bids for stake in Alpine F1 team

New York Mets owner Steve Cohen has submitted an offer to acquire a 24% stake in the Alpine F1 team, joining a high-profile race that includes Mercedes-Benz and a consortium linked to Christian Horner. The move highlights the soaring valuation of Formula 1 teams and the sport's growing appeal to major U.S. investors seeking a foothold in the paddock.

Why it matters:

Cohen's entry represents more than just a financial transaction; it signals a potential shift in commercial and competitive dynamics. As a high-spending, media-savvy sports owner with a net worth exceeding $23 billion, his involvement could significantly boost Alpine's profile and sponsorship appeal in the critical American market. Furthermore, the intense bidding war—with offers valuing the team between $2.3 billion and $2.5 billion—underscores F1's status as a premium global sports property.

The details:

• The Bidders: At least three serious parties are vying for the stake currently held by Otro Capital.
  • Steve Cohen: The billionaire hedge fund manager and Mets owner has reportedly offered over $600 million.
  • Mercedes-Benz AG: The German manufacturer has submitted a bid valuing Alpine at around $2.3 billion, raising questions about potential synergies and conflicts of interest with its own works team.
  • A Consortium: This group includes Red Bull Team Principal Christian Horner and MSP Capital Partners, a former McLaren investor.
• The Seller: Otro Capital, a group of investors including actors Ryan Reynolds and Michael B. Jordan, bought the 24% stake for $218 million in late 2023. Renault, Alpine's parent company, is now forcing an early sale, which could net Otro a profit of over $400 million.
• Renault's Role: Despite Alpine's on-track struggles, Renault Group insists it remains committed to F1. It is specifically seeking an active minority partner to help drive the team forward, not a passive investor.

What's next:

The divestment process is complex, with Renault holding final approval over any new owner. The outcome will reveal which strategic vision—Cohen's commercial clout, Mercedes' technical synergy, or Horner's racing expertise—aligns best with Renault's goals for Alpine. Regardless of the winner, the fierce competition for a stake in a midfield team confirms the robust financial health and attractive growth trajectory of Formula 1 as an investment.