Toto Wolff, the Mercedes team principal, has reportedly joined the bidding for a 24 per cent minority stake in the Alpine F1 team, setting up a direct battle with former Red Bull boss Christian Horner for a holding valued at approximately £450 million.
The reported involvement of Wolff, first reported by City AM, adds to a process that Alpine itself has partly acknowledged through statements clarifying discussions were with shareholders.
The French-registered team acknowledged that Horner is among a group of investors interested in purchasing a stake, and that minority shareholder, Otro Capital, had held preliminary talks to sell its 24 per cent holding.
No parties have formally confirmed the full scope of their current discussions.
What is actually on the table?
The ownership of Alpine F1 is split between Renault Group, which holds 76 per cent, and Otro Capital, which owns the remaining 24 per cent. It is Otro Capital’s stake that is attracting interest.
A sale at the reported £450 million price would imply a total team valuation of roughly £1.8 billion. That figure represents a sharp increase from 2023, when Otro Capital originally acquired its stake for 200 million euros, a deal that valued Alpine at approximately £706 million. In under three years, the implied valuation has risen by around 155 per cent.
The implied valuation sits in line with the broader surge in F1 team valuations across the grid.
Who is involved?
Horner, 52, is reportedly in talks with MSP Sports Capital to facilitate the investment, according to City AM. MSP previously held a minority stake in McLaren Racing before exiting in 2025, when Bahrain’s sovereign wealth fund Mumtalakat took full ownership of McLaren in a deal valuing that team at over $5 billion.
According to BBC Sport, senior F1 insiders say Horner is not seeking a standard team principal role. His conditions for returning to the grid are said to include full control of the team, a position senior to team principal, and a significant shareholding. Those requirements may prove difficult to satisfy at Alpine while Renault Group retains its 76 per cent majority.
Horner led Red Bull Racing for 20 years, overseeing eight drivers’ titles and six constructors’ championships before his departure in the summer of 2025.
Wolff’s reported interest is less well-sourced at this stage, but City AM reported that he had entered the bidding for the same 24 per cent holding. Wolff previously described a potential Alpine bid involving Horner, Bernie Ecclestone, and Flavio Briatore as the “three sharks” bid.
Briatore currently serves as executive adviser and de facto team boss at Alpine, though the team has been clear that any investment approaches or discussions are conducted with Otro Capital and Renault Group directly.
“Any approaches or discussions are with existing shareholders, Otro Capital and Renault Group, not directly with Flavio Briatore or the team,” Alpine said in a statement reported by both City AM and BBC Sport.
Why does it matter beyond the names?
The involvement of two of F1’s most prominent recent figures in a single bidding process reflects the commercial appeal of grid slots ahead of 2026. Alpine’s implied £1.8 billion valuation sits below the top tier of the market, where Ferrari ($6.5 billion), Mercedes ($6.0 billion), and McLaren ($5.0 billion-plus) occupy the highest positions according to Forbes estimates and recent ownership deals.
Alpine offers a route into the sport at a lower entry point than the very big teams, with established infrastructure at Enstone in the UK and Viry-Chatillon in France.
Wolff’s position as a current team principal and co-owner of Mercedes would naturally raise questions about conflicts of interest if he were to acquire a stake in a rival outfit.
The FIA has faced similar governance discussions before, including scrutiny of Red Bull’s ownership of two teams and a brief 2023 compliance inquiry into Wolff himself, which was resolved within 48 hours after all nine rival teams confirmed they had raised no complaint.
Horner’s bid, by contrast, would represent a transition from team employee to team owner, a cleaner governance proposition on paper but one complicated by his stated desire for control that exceeds what a 24 per cent holding would ordinarily provide.
What happens next?
The key question is whether Otro Capital moves to sell and whether Renault Group is comfortable with the buyer. Neither decision has been publicly confirmed. For now, Alpine’s minority stake is attracting attention that reflects the rising valuation of Formula 1 teams.
