Rumors have circulated in the Formula 1 paddock that Toto Wolff himself was seeking to acquire 24% of Alpine shares held by Otro Capital. However, the ongoing negotiations are actually being conducted by the financiers behind the Mercedes F1 team. Let’s explore the objectives that could potentially lead to full influence over the Brackley-based outfit.
Negotiations are underway for the sale of a stake in Alpine. The 24% currently held by the investment fund Otro Capital has drawn considerable interest, and in recent days, Toto Wolff’s name has been mentioned among potential buyers. The interest in this share is significant, as Formula 1 team values continue to soar, leading owners to “lock down” their stakes. At present, very few are willing to sell shares that have steadily increased in value year after year.
Contrary to the recent rumors, it is not Toto Wolff personally who is negotiating with Alpine, but the Mercedes F1 team itself—the company that owns the Brackley-based squad. This company is owned equally (33% each) by Jim Ratcliffe (CEO of the INEOS Group), Toto Wolff, and Mercedes-Benz Group.
The scenario, therefore, is very different: this is not a personal deal by Wolff, but rather a strategic move by the Mercedes F1 organization. While team officials remain tight-lipped, speculation in the paddock is swirling over the rationale behind acquiring a minority stake, which would not automatically grant influence over Alpine’s management decisions.
This could be a purely financial operation, which would make sense if the upward trend in Formula 1 team valuations continues. Today, a team like Alpine is estimated to be worth around €3 billion, more than double its value from just three years ago. There is already an existing collaboration between the two teams, with Mercedes supplying power units and transmissions to Alpine (under a contract signed two years ago, running through 2030). However, in a budget cap era, such synergies are unlikely to produce particularly significant financial returns.
Some interpret this move as Mercedes F1 strategically placing a foot in a team whose future has occasionally been unstable within the paddock. François Provost, the new CEO of the Renault Group appointed at the end of July 2025, is reportedly not a motorsport enthusiast, and according to some sources, he could be willing to sell the team if presented with a convincing offer, without much regret.
The potential for Mercedes to own a piece of a direct competitor marks a fascinating shift in the 2026 F1 landscape. As the sport moves further into its “franchise” era, teams are being treated less like sporting clubs and more like high-yield tech assets. By moving as a corporate entity rather than a lone wolf, Mercedes F1—backed by the financial might of INEOS and the automotive heritage of Stuttgart—could be positioning itself for a future where it exerts influence far beyond the walls of Brackley. If Renault’s commitment to the project continues to waver, this minority stake could very well be the first step toward a much larger realignment on the grid. For now, all eyes are on the negotiating table to see if the Silver Arrows will officially become stakeholders in the Enstone-based squad.
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