Formula 1 could soon welcome a high-profile new figure into the paddock, as Steve Cohen has submitted an offer for a significant stake in Alpine. Renault remains fully committed to the category despite the team’s recent disappointing performances and is actively seeking a dynamic minority partner capable of accelerating both commercial and sporting development, rather than a passive investor.
Renault has, in fact, forced the early sale of Otro Capital’s stake by exercising a contractual right that allows it to mandate the divestment at any time, even though the original agreements only allowed a sale after September of this year. Renault will still need to approve the new buyer.
The team has gone through a turbulent period, marked by several leadership changes, culminating in the arrival of Steve Nielsen as Managing Director last September. At the same time, Alpine has shifted its approach from being a factory engine supplier to becoming a Mercedes customer team.
The Steve Cohen offer
Steve Cohen, billionaire owner of the New York Mets baseball team, has reportedly submitted an offer exceeding 600 million dollars to acquire the 24% stake currently held by Otro Capital. This valuation reflects the strong growth in the value of the Enstone-based team, now estimated at around 2.5 billion dollars, significantly higher than the initial 900 million valuation at the time of Otro’s entry in December 2023.
Cohen, whose net worth exceeds 23 billion dollars, is known for founding SAC Capital Advisors and Point72 Asset Management before purchasing the Mets for 2.4 billion dollars in 2020 and investing heavily in the team’s roster and talent pool. His potential entry into Formula 1 could bring increased media attention, new sponsorship opportunities, and stronger commercial leverage — all elements that align perfectly with Renault’s ambition to rapidly grow the team.
Other offers on the table
At least three parties have expressed interest in the stake. Mercedes-Benz AG has submitted an offer valuing the entire team at around 2.3 billion dollars, equivalent to approximately 552 million for the 24% share, making it the lowest among the proposals received so far. Flavio Briatore, who has taken on a key role within the organization, recently stated that a Mercedes deal could create synergies and operational efficiencies between Alpine and the German manufacturer’s works team. However, such a scenario also raises questions regarding potential conflicts of interest, shared ownership structures, brand dilution for Alpine, and compliance with Formula 1’s financial regulations.
A third contender is a consortium involving Christian Horner and MSP Capital Partners. The latter previously acquired a minority stake in McLaren for 247 million dollars in 2020 before selling it in 2025 for 1.6 billion dollars, highlighting the significant appreciation of Formula 1 team valuations. Christian Horner has long been linked with Alpine, particularly due to his stated ambition to own a stake in a team where he could potentially return in a management role.
The situation of Otro Capital
The position of Otro Capital, whose investors include high-profile figures such as Ryan Reynolds and Academy Award winner Michael B. Jordan, is marked by a degree of frustration. Their involvement in the team was expected to raise Alpine’s profile and unlock new commercial opportunities, but these objectives have not materialized as anticipated. The transition from a factory engine supplier to a Mercedes customer team, combined with recent leadership changes, has further contributed to an increasingly fluid and uncertain environment.
The growing interest in Alpine reflects the sharp rise in the value of Formula 1 teams in recent years, with the French outfit widely perceived as potentially undervalued. The sale process is expected to be complex due to overlapping interests and contractual options, but it nevertheless represents a significant moment for the sport, as globally influential figures like Steve Cohen move closer to entering the Formula 1 paddock.
The battle for Alpine’s future has therefore become a high-stakes chess match between American sports moguls and established F1 power players. While the technical transition to Mercedes power units is already underway, the ownership structure remains the final piece of the puzzle for Renault. Based on the content of these recent bids, the Enstone team is poised for a massive financial injection that could finally provide the stability needed to challenge the frontrunners.
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