Christian Horner is being linked with a return to Formula 1, this time through a possible investment in Alpine.
Alpine finished last in the constructors’ standings, and the team’s owners will be looking for any good news after a disappointing campaign.
Looking ahead, Alpine are hoping that changes to F1’s regulations, combined with their new engine partnership with Mercedes, could help turn things around. The timing of these changes has aligned with Horner’s reported interest in buying a stake in the team.
F1 Oversteer spoke exclusively to Adam Williams about what Horner’s involvement could mean financially for both Alpine and its backers.
He said: “It would be massive for them. If you look at the impact he had at Red Bull and how much that team grew while he was there, if he can do anything like that again it would have an enormous impact on Alpine as well.”
Horner’s Alpine interest is a sign of just how big Formula 1 has become
Discussing Horner’s potential move to Alpine, Williams explained: “Back in 2023, when about 24 per cent of Alpine was sold to private equity firm Otro Capital, the team was valued at roughly £670m.
“Now, if Horner and his group go ahead with a deal around the £600m mark, that would put Alpine’s valuation at £2.5bn. That’s an incredible jump in such a short time and about £700m more than estimates from places like Forbes.
“Investors are clearly very bullish about the value of F1. More than other sports, it opens up pathways into other, even more lucrative industries. Otro have reportedly been exploring an exit for a few months now.
“Private equity returns typically sit around 10-15 per cent annually. If Alpine were sold for £2.5bn just two years after being valued at £700m, that’d be an extraordinary result for them and their investors — closer to a 90 per cent annualised return. Those kinds of numbers are rare in any industry.”
“We know from Sports Business Journal’s excellent reporting on the matter that Renault have the right of first refusal if Otro decides to sell so they could hypothetically match Horner’s offer.
This wouldn’t be Horner’s first involvement with Red Bull either. He previously held the role of team principal before stepping down ahead of the current season following allegations concerning inappropriate behaviour.
What might Christian Horner’s arrival mean for Alpine?
Alpine have been struggling with instability, and it has become the norm for team principals not to last more than a year.
If Horner were to arrive, Steve Nielsen would likely be pushed out. Horner wouldn’t want to invest in the team unless he was given significant control.
It would also be worth keeping an eye on how Horner handles direct negotiations with Mercedes and Toto Wolff over power units.
The investor side is facing a decision as well. They’ll need to decide whether now is the right time to cash in or if it’s worth holding on to see where the value goes.
Formula 1 continues its rapid growth, but if Alpine can’t keep pace with other teams, there’s a real risk that their value could begin to drop off.
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