Steve Cohen Bids Over $600M for 24% Stake in F1 Alpine Team
F1 Alpine's equity transaction has made significant progress this week:
According to multiple media reports, US hedge fund giant and MLB New York Mets owner Steve Cohen has offered over $600 million to acquire a 24% stake in the Alpine team.
During the F1 Chinese Grand Prix weekend, Alpine team executive advisor Flavio Briatore revealed that there are currently "three or four potential buyers" — including the Mercedes-AMG team and a consortium led by Red Bull team principal Christian Horner.
According to Planet F1, the Mercedes-AMG team values Alpine at approximately $2.3 billion, corresponding to a $552 million offer for the 24% stake, the lowest among the bidders.
In October 2023, Otro Capital, together with multiple institutions and individual investors, led the acquisition of a 24% stake in Renault Group's Alpine F1 team, valuing the team at around $900 million at the time. If Steve Cohen's $600 million offer goes through, Otro Capital stands to make a profit of over $400 million.
Steve Cohen was born in New York in 1956 and graduated from the Wharton School of the University of Pennsylvania. He is one of the most legendary investors on Wall Street. The financial tycoon Bobby Axelrod in the TV series "Billions" is based on him.
In 1992, he founded SAC Capital Advisors, which later transformed into Point72 Asset Management. With exceptional trading talent and an aggressive investment style, he amassed a huge fortune. According to Forbes' 2026 World Billionaires list, Cohen's net worth is approximately $23 billion, ranking 111th globally and making him the richest person in Connecticut, USA.
In 2020, he acquired the MLB New York Mets for $2.4 billion. Currently, the team's payroll stands at $279 million, consistently ranking first among global professional sports teams.
UK's International Business Times commented that despite poor performance in recent seasons, Renault Group remains fully committed to F1. They are looking for a proactive partner to replace the relatively passive Otro Capital. Steve Cohen's entry directly weakens the bidding momentum of the Mercedes-AMG team and Horner.
| Sources: PlanetF1; International Business Times; Yahoo Sports
| Image credits: Point72 official website; Alpine team official Instagram