The sale of Otro Capital’s 24 percent stake in the Alpine F1 team has entered a critical phase – and the sport’s key figures are no longer staying quiet about it.
Otro Capital purchased its stake in the Enstone-based outfit in 2023, valuing the team at $900 million. With Formula 1 team valuations having soared since, the same stake is now being marketed at figures reported to be between $600 million and $720 million.
Mercedes emerged as the preferred buyer earlier this year but walked away last week after failing to agree on price. With a September 13 deadline at which point Renault – which owns the remainder of the team – loses its veto over any sale, the clock is ticking.
Another interested party is reported to be a consortium containing former Oracle Red Bull Racing Team Principal Christian Horner, who is keen to return to F1 following his departure last year.
Renault Group Chief Executive Officer Francois Provost broke his silence this week, making clear that the French manufacturer intends to retain control regardless of who eventually buys Otro out.
“There is no discussion today with Christian. We are assessing the options,” he told PA Media.
“I want the Renault Group to keep the control of our team, whoever could be the successor of Otro. I saw there are no further discussions (with Mercedes) now. I was not so satisfied to see that we are not progressing.”
Alpine Executive Advisor Flavio Briatore was rather more forthcoming about why the Mercedes deal fell apart. Speaking to media at Monaco, he confirmed the talks had only just collapsed and suggested the reason why.
“It was negotiated with Toto Wolff,” Briatore said.
“It looks like three days ago the agreement fell – all the negotiation. The price was too high. Toto was very fair – I don’t think the Otro people were fair.”
I see it very difficult for somebody to spend $600 million to buy a minority in one company if it’s not agreed with the majority.
Flavio Briatore
He also issued what amounted to a warning to any prospective buyer about the reality of the process.
“Whoever buys the share from Otro needs the blessing from Renault,” added Briatore.
“I see it very difficult for somebody to spend $600 million to buy a minority in one company if it’s not agreed with the majority.”
Alpine Chief Executive Officer Philippe Krief, speaking separately in Paris, was briefer but no less pointed about the team’s own position on any potential deal: “We are not going to do something we are not happy about,” he said.
With Renault’s veto expiring on September 13, Otro will at that point be free to sell to whomever it chooses without requiring the majority shareholder’s approval.
For now, the three parties involved appear aligned on one thing at least – none of them are in a hurry to accept a deal that doesn’t suit them.
