NFL players Patrick Mahomes and Travis Kelce, golfer Rory McIlroy and boxer Anthony Joshua are the latest investors in Alpine Racing, the F1 team owned by French automotive giant Renault.
Though financial specifics weren’t released, the team was valued at a little more than $900 million earlier this year when a group led by RedBird Capital, Otro Capital and actor Ryan Reynolds paid $218 million (€200 million) for 24% of the team. The athlete-laden group is part of that transaction on the Otro Capital side, according to an announcement on Tuesday morning.
Other investors revealed Tuesday morning include soccer players Juan Mata and Trent Alexander-Arnold, and Roger Ehrenberg, an investor in MLB’s Miami Marlins and MLS’ Real Salt Lake.
“These are best in class investors, athletes, entertainers and entrepreneurs and they are all committed to elevating the Alpine F1 team,” Otro Capital co-founder and partner Alec Scheiner said in a statement. (Otro is a sports-focused firm that was recently launched out of RedBird.)
The $900 million valuation underscores the dramatic changes in F1’s business over the last few years. The global racing circuit is embracing new media, moving deeper into new international markets (such as the U.S.) and, perhaps most importantly, implementing cost cap measures expected to improve the cash flow profile of its teams. As an example of how much the economics have changed, Renault bought a prior version of the Alpine team in 2015 for £1, or roughly $1.50.
The spike in F1 popularity led to a flood of interest from investors—both institutional funds and individuals. F1 boss Stefano Domenicali said earlier this year that owners were turning down “almost billions” from interested backers, and F1 is also considering expansion.
Sportico recently valued the F1 team at $1.08 billion, projecting 2022 operating profit at $35 million.
Alpine current ranks 6th of the 10 teams in F1’s constructor standings. Its two drivers—Pierre Gasly and Esteban Ocon—are ranked 11th and 12th, respectively.
McIlroy, 34, has invested in more than a dozen companies through his Symphony Ventures, including Puttery, Hyperice and Whoop. He is co-founder alongside Tiger Woods and Mike McCarley in TMRW Sports, which is launching the TGL team golf league in January.
Joshua, 34, has a large real estate portfolio and is invested in recovery technology company Pulseroll. Kelce and Mahomes are also experienced investors, with the later holding small stakes in the MLB’s Kansas City Royals and NWSL’s Kansas City Current.