Hollywood heartthrob Ryan Reynolds and fellow thespian Rob McElhenney are beefing up their burgeoning business portfolio with a foray into the world of Formula 1 racing.
The Canadian actor’s investment firm, Maximum Effort Investments, is joining private equity firm RedBird Capital Partners and Otro Capital to acquire a 24% stake in the Alpine Formula 1 Race Team.
French automotive company Renault Group — Alpine’s parent company — announced the transaction on Monday.
“The transaction values Alpine Racing Ltd. around $900 million following this investment,” the team said in a statement.
“It will accelerate Alpine’s growth plans and sporting ambitions in F1.”
Other investors include actor Michael B. Jordan.
With drivers Pierre Gasly and Esteban Ocon, Alpine stands fifth in the constructors’ championship.
The team was fourth in the constructors’ standings last year and has been struggling in its goal to close the gap on Red Bull, Ferrari and Mercedes this season.
Renault said the investors have an expertise in the sports industry, having previously worked with the Dallas Cowboys, Fenway Sports Group, the NFL, French soccer club Toulouse and Wrexham.
Renault said Alpine Racing SAS, the entity manufacturing F1 engines in France, is not part of the transaction and will remain entirely owned by Renault Group.
Reynolds is best known for starring in the “Deadpool” movies, while McElhenney is the creator of TV show “It’s Always Sunny in Philadelphia.”
Reynolds and McElhenney completed a $2.5 million takeover of Welsh soccer team Wrexham in November 2020.
The club was thrust into the global spotlight because of its A-list owners and secured promotion to the fourth tier of English soccer this season.
One of their stated aims when buying Wrexham from the club’s fans was to lead the 158-year-old club — the world’s third oldest professional club — to the Premier League and the journey is well underway.
With Post wires
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