Toto Wolff joining Christian Horner in race for…

The 24% stake that Otro Capital holds in Alpine’s Formula 1 team remains highly sought after in the paddock. It had already emerged that former Red Bull team boss Christian Horner was interested, something Alpine executive advisor Flavio Briatore certainly did not try to hide either. During the team's launch in January, he publicly confirmed Horner’s interest.

Around the season opener in Melbourne, however, another bidder has emerged. As first reported by The Telegraph, Mercedes team principal Toto Wolff appears to have entered the race. Briatore had previously emphasised there were several interested parties besides the consortium linked to Horner, but did not mention any names – and therefore did not explicitly refer to Mercedes.

When contacted by Motorsport.com, Alpine still didn’t want to comment on specific names, but once more confirmed that several parties are interested and that the process is still ongoing.

“The team is regularly approached and contacted by multiple parties and potential investors,” a team spokesperson said.

“We do not comment on any specific names or individuals in question. Any discussions are not a matter for the team, they’re between the current stakeholders and parties expressing an interest. The primary focus for the team is the immediate task at hand which is the start of the racing season and seeing a sustained recovery of performance on track.”

Mercedes has not denied Wolff’s interest in the Alpine shares and instead confirmed that it always keeps an eye open for strategic opportunities: “Mercedes is a key strategic partner of Alpine and we are being kept apprised of the latest developments.”

Christian Horner, Red Bull Racing (Photo by: Gabriel Bouys / AFP / Getty Images)

Why the Alpine stake is so attractive for both

Although the story has quickly been linked in the public eye to another chapter in the rivalry between Horner and Wolff, in reality it goes beyond that – and is mainly about strategic interests.

For Horner, the Otro stake could offer a suitable way to return to F1. The Briton has already won everything as team principal and CEO of Red Bull Racing and has hinted several times that he would only consider returning to the pinnacle of motorsport in a “more senior role” – with acquiring shares being part of that ambition.

From Mercedes’ perspective, the interest also goes far beyond simply Horner versus Wolff. To begin with, Alpine is a customer team of Mercedes High Performance Powertrains this year, with the deal running until the end of 2030, making the relationship closer than before. After dismantling its own F1 power unit project in Viry, the French team now uses both power units and gearboxes from Mercedes.

What happens with the shares of that customer team is therefore an interesting development for Mercedes – as it directly concerns who it will be working with. Strategic decisions like these go beyond the F1 facilities in Brackley and Brixworth alone, and relate to the broader strategic direction of the Mercedes group as a whole.

Besides the commercial appeal of F1 and therefore of any available share package – with the effect of the new regulations still a key question mark – there is also a sporting element to the story.

Last year, McLaren CEO Zak Brown voiced concerns about certain ownership structures in F1. Although his comments were specifically about Red Bull and its ownership of sister team Racing Bulls, acquiring shares in Alpine would also involve a form of partial ownership. It could strengthen the synergy between both parties even further, which is why other F1 teams are also monitoring the developments closely.

A crucial difference, however, is that the Renault Group – regardless of who eventually acquires Otro Capital’s shares – would still retain a comfortable controlling stake in the F1 team with 76% of the shares.