Toto Wolff emerges as surprise bidder for Alpine stake, competing with Christian Horner
Toto Wolff, Mercedes team principal, has reportedly entered the race to acquire Otro Capital’s 24 per cent stake in Alpine, setting up a direct contest with Christian Horner.
The US investment consortium currently owns the minority stake in Alpine and has been exploring a potential sale. Multiple bids are said to be on the table, with Wolff’s recent move coming as a surprise.
Christian Horner, former Red Bull Racing team boss and CEO, is leading a consortium that has already expressed interest in purchasing the stake, as confirmed in January by Alpine executive advisor Flavio Briatore.
While exact valuations of the bids remain undisclosed, sources suggest that Alpine is being valued at roughly £2.5 billion. By extension, this would place the price for Otro Capital’s 24 per cent stake at approximately £600 million.
If successful, the sale would represent a substantial return for Otro Capital, whose investors include Hollywood actor Ryan Reynolds and professional golfer Rory McIlroy, having originally paid €200 million for the stake three years ago.
Both Wolff’s and Horner’s bids are reportedly of particular interest to the Renault Group, given the bidders’ deep understanding of Formula 1 and their established connections within the sport.
Documents indicate that any sale of Otro Capital’s stake requires Renault’s approval and that this condition is in place until September 2026.
Wolff vs Horner: The Alpine stake battle heats up
After September 2026, Otro Capital will have greater control over the sale of its shares without requiring Renault’s approval. This could make the bids from the two F1 heavyweights—Toto Wolff and Christian Horner—less appealing if Otro Capital decides to prioritise maximising its return.
One factor that may favor Wolff is his existing relationship with Alpine. Mercedes already supplies the Enstone-based team with gearboxes and power units, following the end of Alpine’s own power unit operations at Viry-Châtillon last year. Wolff could potentially leverage this connection to create a “sister team” dynamic alongside Mercedes.
An Alpine spokesperson told
“The team is regularly approached by multiple parties and potential investors. We do not comment on specific names or individuals. Any discussions are between the current stakeholders and interested parties. The team’s primary focus remains on the racing season and sustaining on-track performance.”
A Mercedes spokesperson added:
“Mercedes is a key strategic partner of Alpine, and we are being kept apprised of the latest developments.”
Wolff’s entry into the bidding war reignites the rivalry between the two most successful F1 team principals of the 21st century, a relationship that has fluctuated between mutual respect and outright hostility. If Wolff becomes a minority shareholder, it would likely spark renewed debates about potential conflicts of interest when individuals hold stakes across multiple teams—a topic that has long surrounded Red Bull’s dual ownership of Red Bull Racing and the Racing Bulls squad.
It may be several months before a decision is reached on the Alpine stake. Meanwhile, Horner remains a potential returnee to F1, provided he can secure an ownership stake in any team he joins. Speaking at the European Motor Show in Dublin in January, Horner said he has “unfinished business” in the sport.
Horner has also been linked with Aston Martin’s team principal position, currently held by Adrian Newey. While Newey’s role is viewed as temporary—bridging the gap between former principal Andy Cowell and a potential future hire—any move by Horner to Aston Martin could be complicated. Though Horner and Newey’s relationship has reportedly improved, the optics of Horner joining mid-season could create tension, given Newey’s existing shareholder role.
The Alpine stake saga highlights the high-stakes strategic maneuvering behind the scenes in F1, where ownership, partnerships, and rivalries often extend far beyond the track.