Otro Capital can now sell its shares in Alpine: towards the return of Christian Horner?

A change in Alpine’s shareholding is now legally possible: since September 8, Otro Capital can sell all or part of its 24% stake to an investor.

An evolution that could notably revive the prospect of a consortium led by Christian Horner without having to obtain Renault’s explicit prior agreement.

Having entered Alpine’s capital in June 2023 alongside RedBird Capital Partners and Maximum Effort Investments, Otro Capital had paid 200 million dollars to acquire 24% of the team. This stake is held through the legal entity Forest Intermediate Holdings.

Fateful date

However, the operation was subject to an important restriction: for three years, investors could not freely sell their shares to a third party. The only possibilities mainly concerned a resale to Alpine or the Renault group, as well as certain authorized internal operations.

Since the relevant statutes were adopted on September 7, 2023, this three-year period is now over. Since September 8, 2026, Otro Capital is therefore able to freely seek an external buyer, even though Renault retains certain control measures.

This possibility comes as the value of Formula 1 teams has significantly increased since 2023. Flavio Briatore recently estimated Alpine’s value at about 3.2 billion dollars. On this basis, the stake acquired for 200 million three years ago would now be worth about 768 million dollars, almost four times the initial investment.

Horner among potential candidates

Otro Capital has been studying the possibility of realizing its capital gain for several months. Several parties are interested in the currently available 24%. Mercedes and a consortium led by former Red Bull Racing boss Christian Horner (photo above) have notably been cited among the most serious candidates.

Renault would have favored finding an investor capable of playing an active role in the sporting development of the team rather than a simple financial partner. This description could correspond to Horner’s ambitions. Since his departure from Red Bull after the 2025 British Grand Prix, the Briton would like to return to Formula 1, but on the condition of having a stake in the team he would join.

Mercedes had also studied the case, but discussions with Renault stopped in May. The price mentioned of about 720 million dollars for Otro Capital’s stake was then considered too high. The end of these discussions could theoretically facilitate the arrival of Horner’s consortium or another investor, although some sources mention several interested candidates.

Renault retains certain rights

The end of the restriction period does not, however, mean that Otro Capital has total freedom. Renault would notably retain the possibility to refuse up to three offers presented after September 8. This provision should not, however, constitute an insurmountable obstacle, as a candidate could modify their offer before presenting it again.

Article 39 of Alpine F1’s statutes also provides certain restrictions regarding the identity of the buyer. Persons or entities facing certain insolvency procedures, competitors or actors involved in competing activities, as well as certain persons linked to jurisdictions subject to sanctions or restrictions, cannot acquire shares without Renault’s prior written consent.

No sale is therefore confirmed at this stage. But since September 8, an important legal obstacle has disappeared: Otro Capital can now concretely seek to sell its 24% of Alpine to a new investor. With the strong increase in the team’s valuation and the interest attributed to several candidates, including Horner, the case could now enter a much more active phase.

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