New York Mets Owner Steve Cohen Joins Triple-Bid Battle for $600 Million Stake in Alpine F1 Team

Billionaire Steve Cohen joins Christian Horner and Mercedes in a three-way bidding war for a 24% stake in Alpine F1, as team valuations soar toward $2.5 billion.

By: AXL Media

Published: Mar 24, 2026, 8:30 AM EDT

Source: Information for this report was sourced from PlanetF1

A High-Stakes Entry for a Sports Titan

The landscape of Formula 1 investment is shifting rapidly as Steve Cohen, the self-made billionaire and owner of the New York Mets, enters the fray to secure a significant portion of the Alpine F1 organization. Sources indicate that Cohen has submitted an offer exceeding $600 million to acquire the 24 percent holding currently held by Otro Capital. With a personal net worth surpassing $23 billion, Cohen’s potential entry is viewed as a transformative moment for Alpine’s financial stability. His track record of aggressive investment in Major League Baseball suggests a willingness to provide the capital necessary for Alpine to ascend the grid, aligning with Renault’s desire for a more active and influential minority partner.

The Dissolution of the Otro Capital Partnership

The move to replace Otro Capital follows a period of mounting frustration within Renault regarding the performance of the current investment group. Despite a high-profile roster of backers including Ryan Reynolds and Michael B. Jordan, the partnership has reportedly failed to deliver the anticipated commercial leverage and global visibility for the Enstone-based team. While original agreements suggested that Otro could not divest until September 2026, Renault has exercised its right to force an early sale. This shift marks a move away from passive, celebrity-driven investment toward stakeholders with deep institutional experience in professional sports management and strategic growth.

Competitive Bids and Valuation Surges

Cohen is not alone in his pursuit of the Alpine stake, as the bidding war includes a surprising offer from Mercedes-Benz AG. This bid, valued at approximately $552 million, has raised significant concerns regarding potential conflicts of interest and common ownership within the paddock. However, it also highlights the staggering valuation growth of Formula 1 franchises. While Otro’s initial investment in late 2023 valued Alpine at $900 million, current market assessments now place the organization’s total worth at roughly $2.5 billion. This exponential rise in value ensures that even as Otro exits under pressure, they stand to realize a profit of over $400 million on their initial $218 million outlay.