It feels like watching someone play musical chairs. But, like, with a ton of money involved. So, not too long ago, we discussed the possibility of Christian Horner gunning it down for Alpine. Becoming a free F1agent and walking out of Red Bull Racing with a £52 million payout can give a man a ton of power, and it feels like Horner is not gonna wait a single second to use it.
With a bid for 24% ownership stake in the Alpine F1 team, Christian Horner has effectively managed to stack all his cards and get the most favourable position. However, he ain’t exactly the only one coming for the team. Toto Wolff is also trying to get a piece of that pie, but things have been a bit shabby for the Mercedes Principal.
To understand the bigger picture, you need to understand the financials involved here first. You see, currently, Horner has the backing of heavy-hitting investment groups who are willing to pay full market price. Horner’s current bid correctly values the entire Enstone operation at roughly $3 billion. That means the 24% stake currently held by the Otro Capital consortium, which includes Ryan Reynolds and Patrick Mahomes, is worth around $750 million.
It is a fair offer, and while Wolff has tried to counter it, recent reports from RacingNews365 claim that the offer was “very low.” There has been no serious attempt from Wolff’s end to match the former Red Bull boss’s offer, but don’t let that make you think the ball is in Horner’s court. Because Wolff still has a trump card.
The Mercedes Power Trap
See, starting this season, Alpine completely shut down its in-house Renault engine program to run Mercedes power units. That switch has already delivered serious results, pulling the struggling French squad up to fifth place in the Constructors’ Championship after just four rounds in 2026.
On paper, this might not seem like a big deal. Because after all, who doesn’t switch engine bays to make themselves more competitive, right? Not in this case. So, it was Flavio Briatore, the team’s executive advisor, who reportedly the one who brought Horner to the negotiating table in the first place. Briatore knows Horner wants to run the show and build a new competitive empire.
But the corporate Renault board in France views things entirely differently. They are heavily attracted to the “future synergies” that come with tying themselves directly to Mercedes. Wolff has reportedly turned the heads of the Renault executives, selling them on the strategic opportunities of a closer corporate relationship.
While Horner is betting on his cash stack and experience, Wolff has taken the sly strategic partnership route. But whoever does win this 24% stake gets a massive seat at the table to help guide the new “Gucci Alpine” era from the very beginning.