The battle for the 24 per cent stake in Alpine continues to rumble on, with two old F1 warriors still firmly in the running – Christian Horner and Toto Wolff.
In January, Flavio Briatore, the team’s executive advisor, revealed that former Red Bull team principal Christian Horner was in talks with Otro Capital over the shareholding, estimated to be worth around $750 million, given the team is valued in the region of $3bn.
The American private investment firm is the spearhead of a group of investors that includes well-known names such as actors Ryan Reynolds and Michael B. Jordan, as well as Kansas City Chiefs star duo Patrick Mahomes and Travis Kelce.
Manufacturing giant Renault owns the remaining 76 per cent.
Less than two months later, rumours surfaced that Mercedes team principal Wolff had also started discussions. Briatore confirmed at the time that there were “three or four potential buyers”, and that negotiations were “with Mercedes, not with Toto”.
ApexF1 sources, with a good knowledge of the situation, have revealed, however, that Wolff, in tandem with Mercedes, has submitted an offer which, it is claimed, is ‘very low’, with no attempt made since to raise.
An element in favour of Wolff and Mercedes, though, is that the German manufacturing giant, as of this Formula 1 season, has started to supply power units to its rival on the grid.
Alpine has made a noticeable step in performance this term. After finishing last in the constructors’ championship last season, it currently lies fifth at present following the opening four grands prix in Australia, China, Japan and Miami.
The potential future synergies between Renault and Mercedes are known to be appealing to the former’s board, although any suggestion of a shared supply chain moving forward is a non-starter.
Wolff, however, is understood to have turned the heads of the powers that be at Renault and made clear the opportunities on the line, which is a major cause for concern for Horner, as well as McLaren CEO Zak Brown.
Horner’s bid is believed to be more reflective of the value of the shares. Moreover, buying into Alpine would provide him with the chance he craves to make an inherent difference in the team, as he would not be a silent partner.
One of Horner’s grievances when he departed Red Bull in July last year was that he held no power, even though he served the team for its 20 years in F1 as team principal.
Now that he is free to work for another F1 team again, Horner is known to want a decision-making seat at the table. Purchasing the Otro stake would allow him a degree of control, in particular, regarding a say in the team’s drivers and team principal.
Alpine price could yet rise
From Brown’s perspective, Mercedes buying into Alpine only raises his shackles. Only recently, Brown made clear his dislike of multi-team ownership.
Whilst he has become increasingly frustrated with the Red Bull/Racing Bulls situation, Mercedes’ and Wolff buying into Alpine would only add fuel to the fire.
“Co-ownership in today’s day and age is prohibited in almost all, if not all, major forms of sport,” said Brown. “It runs a real high risk of compromising the integrity of sporting fairness. I’ve been vocal about it from day one.”
FIA president Mohammed Ben Sulayem, in conversation recently with ApexF1, in a select group media session, stated the topic was on his team’s agenda for investigation.
“As long as you are not trying to take it [part-ownership] because you don’t want others to take it, or also get voting power when it comes to the regulations, then maybe it’s okay,” said Ben Sulayem.
“But then I do believe that owning two is not the right way. This is my personal point of view. We are looking into it because it’s a complicated area. We have put our people to [work to] see if it is possible. Is it allowed? Is it the right thing?
“There is something called a sporting side. I am with what goes on here, but if we lose the sporting spirit, I believe that there will not be any more support for it. So to me, I’m not with it 100 per cent.”
It is a fascinating battle between Horner and Wolff – again – that still seemingly has twists and turns to come over the months ahead, and it could yet drag on.
What needs to be remembered is that Horner and Wolff are the two most visible protagonists in this fight for the shareholding. There are other unknown irons in the fire whose hands have never been revealed.
An additional fly in the ointment is Alpine’s reasonable start to the season. ApexF1 understands that Otro Capital and its portfolio of investors is in no rush for a swift conclusion. Some sources have indicated a deal may not be concluded until after the summer break in August.
By that stage, if Alpine can continue to maintain its present form, then a team lying fifth in the constructors’ championship would be worth far more than one in 10th, as the team finished last season, or 11th, given the grid expansion this season.
Renault Group is also willing to wait to see the impact of Alpine’s step in performance. It could be that $750m now may be higher in a few months. How many takers will there be then? Will Horner and Wolff still be interested?
