Why it's Mercedes, not Toto Wolff, that wants to…

It has long been known that a minority stake in the Alpine F1 team is up for sale to the highest bidder. The share in question – 24% – is currently owned by Otro Capital, an investment group involving Hollywood celebrities Ryan Reynolds and Rob McElhenny, and golfer Rory McIlroy. Otro paid $233million for the stake in 2023.

Although it is a minority position, interest in the shareholding has been high, given the appreciating values of F1 teams under the present Concorde Agreement, which has in effect ring-fenced the existing competitors. Booming interest in the US has attracted more competitors and swelled the number of grands prix, which in turn has enriched the teams.

Given the rising market, it's rare for substantial shares to come up for sale, since owners are confident valuations will continue to increase. Last year, Crowdstrike CEO George Kurtz paid $300million for a 15% stake in the entity owned by Mercedes team principal Toto Wolff which in turn owns 33% of the Mercedes F1 team.

Although Wolff's name has entered the picture in recent days regarding the potential purchase of Otro's shares in Alpine, Wolff himself will not be the one dipping into his pockets. Instead, it would be the Mercedes F1 team, whose ownership is divided equally between Jim Ratcliffe (CEO of the INEOS group), Wolff's ownership entity, and Mercedes-Benz Group.

Toto Wolff, Mercedes (Foto di: Martin Keep / AFP via Getty Images)

The scenario, therefore, is different: it would not be a personal move by Toto Wolff, but rather an initiative by the Mercedes F1 team. People are keeping tight-lipped, but in the paddock many are wondering what strategy could lie behind acquiring a minority stake that would not guarantee any real say in the management of Alpine.

It could simply be a financial investment, which would make sense if the upward trend in Formula 1 team valuations continues. Today, the value of a team like Alpine is around €3 billion, more than double what it was just three years ago.

There is already a collaborative relationship between the two organisations, with Mercedes supplying the power unit and transmission (the contract signed two years ago runs until 2030). However, under the budget cap, these synergies do not guarantee particularly significant returns.

Some also interpret the move as Mercedes F1's attempt to gain a foothold in a team whose long-term future is not always considered among the most stable in the paddock. Francois Provost, the new CEO of the Renault Group, appointed at the end of July 2025, isn't regarded as a major motorsport enthusiast and, according to some rumours, might be willing to sell the team without too many regrets if the price is right.

It's a further sign of F1's shift towards an NFL-style franchise model, where behind the team identities the ownership is essentially brand-agnostic, and very much focused on the business of growing revenue.