Faced with Otro Capital’s excessive financial demands, Mercedes has chosen to withdraw its buyout offer for the 24% stake in the Alpine team. A strategic disengagement that now places a certain Christian Horner in pole position to acquire a share of the Enstone team.
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This is a dramatic turn that shakes the paddock, but it is primarily explained by the cold logic of numbers. Mercedes, which had positioned itself to buy the 24% of Alpine F1 shares currently held by the American consortium Otro Capital, has officially backed down. The reason: a valuation deemed completely unrealistic by the Stuttgart firm.
Alpine, a financial bubble worth 3 billion dollars
In 2023, Otro Capital bought a quarter of Alpine for about 230 million dollars. Today, the American investment group would be asking for nearly… 720 million! A spectacular jump that values the Franco-British team at 3 billion dollars.
For Mercedes, which saw this as a pure long-term financial investment (while denying any intention to turn the A arrow into a “B team”), the red line was crossed. The German leaders refused to bid higher after the offers were submitted this week and preferred to slam the door on negotiations. A relief, no doubt, for Zak Brown (McLaren), who had already written to the FIA to protest against the risks of multi-ownership of teams in the sport.
Christian Horner lying in wait
This withdrawal of the star benefits a well-known man in the paddock: Christian Horner. The former head of Red Bull Racing, eager to return to business in Formula 1, no longer wants to be just an employee. He is actively seeking to become a shareholder in a structure. While discussions took place with the Chinese giant BYD for a brand-new project, the Alpine opportunity proves much more concrete and immediate.
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Especially since the stars are aligning behind the scenes. Horner maintains excellent relations with Flavio Briatore, the current executive advisor of Enstone. Earlier this week, the flamboyant Italian also said that there were still “a few quality and experienced people” missing to grow the team. Horner’s profile obviously ticks all the boxes.
Renault keeps control… until September
On the Boulogne-Billancourt side, this game of deception is observed with relative calm. Interviewed in Paris, Alpine CEO Philippe Krief was crystal clear: Renault has a veto right on the sale of these shares until next September and will not sell at a discount.“We will do nothing that does not suit us. But whatever happens with these 24%, we will of course keep our 76%. We retain the absolute majority, as it is part of the plan to keep Alpine in F1”, the French executive emphasized.
After September, Otro Capital will be free to sell its shares to whomever it wishes without the approval of the Diamond. The question remains whether Christian Horner will be able to meet the figures demanded by the Americans, or if Otro’s bluff will eventually collapse. The coming weeks promise to be heated behind the scenes.
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