Ryan Reynolds and Rob McElhenney Buy Stake in Formula One Racing Team
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After turning things around for a Welsh soccer team, Ryan Reynolds and Rob McElhenney are looking toward their next endeavor with an investment in a Formula One racing team.
Alpine F1 Team, owned by the French automotive company Renault Group, secured a 200 million euro (approximately $218 million) investment from a group that's acquired a 24 percent stake in the team. Among these investors are Otro Capital, RedBird Capital Partners, actor Michael B. Jordan, and Reynolds' company, Maximum Effort Investments.
"The transaction values Alpine Racing Ltd. around $900 million following this investment,” the team said in a statement, adding that the acquisition will "accelerate Alpine’s growth plans and sporting ambitions in F1."
In November 2020, Reynolds and McElhenney purchased the Wrexham A.F.C. soccer team for $2.5 million with a 98.6 percent vote of confidence from fans. The pair documented the takeover in the FX and Hulu docuseries, Welcome to Wrexham. Before the acquisition, Wrexham had finished its 2019-2020 season (which ended early due to the pandemic) at the lowest position in the club's 150-year history.
But being thrust into a global spotlight changed the team's fortunes. After a string of good luck, Wrexham secured their first league title in 45 years in April, and were promoted back into the English Football League Two following a 15-year absence.
Alpine currently stands fifth in the 2023 Constructors Standings, down from fourth from last year, falling behind Red Bull, Mercedes, Aston Martin, and Ferrari this season.
Before acquiring stake in Alpine, Reynolds had been circling purchasing ownership of the Ottawa Senators NHL team, but later withdrew his bid in May.
The actor also acquired equity stake in FuboTV last year, with plans to produce original content for his Maximum Effort Network on the streamer. In other words, it doesn't seem out of the realm of possibility that this latest team acquisition might also become fodder for an unscripted series.
