Alpine, the Formula 1 (F1) motor racing team owned by French carmaker Renault Group, has raised €200 million ($218 million) after selling a minority share to a US-based investor group that includes Hollywood actor and Wrexham soccer club owner Ryan Reynolds.

The fresh influx of cash, which will support Alpine’s growth strategy and sporting ambitions, represents a 24% equity stake in the team and values Alpine F1 at $900 million.

The investment centers around the F1 team only. Renault’s Alpine Racing SAS, the French company that makes the team’s power units in Viry-Chatillon, will remain entirely owned by the carmaker.

The investment group includes private equity firms Otro Capital, RedBird Capital Partners, and Maximum Effort Investments, which is led by Reynolds alongside fellow actors Rob McElhenney and Michael B Jordan. 

RedBird, run by former Goldman Sachs banker Gerry Cardinale, is a major investor in Fenway Sports Group, a consortium that owns the MLB baseball franchise Boston Red Sox and English Premier League soccer club Liverpool FC. It also has a controlling stake in French club Toulouse and acquired Italy’s AC Milan last August in a €1.2 billion deal.

Otro Capital’s co-founder Alec Scheiner, meanwhile, will join Alpine F1’s board of directors.

Renault Group chief executive Luca de Meo said: “F1 and Alpine are strategic assets for Renault Group. Over the past two years, we have re-ignited Alpine, capitalizing on its iconic A110 sports coupe, boosting it by entering F1, where it aims to become a championship contender.

“This partnership will accelerate Alpine F1 development by diversifying revenue drivers and increasing brand value.”

Alpine Racing, whose factory is located in Enstone, England, won the F1 constructors’ world championship in 2005 and 2006 when they competed as Renault’s works team. Last year, they finished fourth in the championship and currently sit fifth after eight of 22 races in the 2023 season.

Alpine chief executive Laurent Rossi said: “This association is an important step to enhance our performance at all levels.

“First, Otro Capital, RedBird Capital Partners, and Maximum Effort Investments, as international players with a strong track record in the sports industry, will bring their recognized expertise to boost our media and marketing strategy, essential to support our sporting performance over the long term.

“Second, the incremental revenue generated will, in turn, be reinvested in the team in order to further accelerate our Mountain Climber plan, aimed at catching up with top teams in terms of state-of-the-art facilities and equipment.”