RedBird Capital Partners, the investment firm that owns 11 per cent of Liverpool owners Fenway Sports Group, is closing in on acquiring a stake in a Formula One team.
New York-based firm RedBird acquired its stake in FSG in March 2021 in a $750m deal. Since then the firm has gone on to acquire control of Italian giants AC Milan, the XFL professional football league in America in a joint venture with Hollywood star Dwayne Johnson and his ex-wife and continued business partner Dany Garcia, as well as stakes in the likes of Indian Premier League cricket side the Rajasthan Royals.
RedBird, which also holds majority ownership of French Ligue 1 side and Europa League qualifiers Toulouse, is now targeting a minority shareholding in the Renault-owned Alpine Formula One team, according to Bloomberg.
The firm, founded by managing partner Gerry Cardinale and with more than $8.6bn in assets under management across a number of industries, has been a significant player in the sports investment world in recent years a move for a stake in Alpine would come at a time when F1’s popularity globally is soaring through its uniquely global reach where it has showcase events in its season across the globe that attracts huge audience and sponsorship, and also through the hugely successful Netflix series ‘Drive to Survive’.
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According to the Bloomberg report, no agreement has yet been signed and there is no certainty that talks between RedBird and Renault would lead to a deal being struck. Should a deal be successful, RedBird, a historically active investor, would aid Alpine in growing its F1 business, media rights and content creation.
RedBird’s successful acquisition in the sports market in recent years has seen the firm at the vanguard of sports investment. As previously reported by the ECHO, however, the firm isn't participating in the current ongoing investment search that FSG are conducting with regards to Liverpool.
The Alpine F1 team finished last season in fourth place, with drivers Pierre Gasly and Esteban Ocon two popular figures in the ‘Drive to Survive’ series. Ocon finished third at the Monaco Grand Prix last month, an event where Liverpool principal owner and FSG chief John W. Henry was present with his wife, Linda Pizzuti Henry.
