Toto Wolff emerges as surprise bidder for Alpine stake against Christian Horner

Toto Wolff is understood to have emerged as a bidder for Otro Capital’s stake in Alpine, squaring off against Christian Horner.

The Mercedes team boss is one of several bids on the table to purchase the 24 per cent in Alpine that is currently owned by US investment consortium Otro Capital.

Toto Wolff and Christian Horner in separate bids for Alpine ownership stake

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Alpine is making no secret of the fact that interested parties are eyeing up the 24 per cent stake currently owned by Otro Capital, which has held preliminary talks about a potential sale of its stake in the team.

In January, the team’s executive advisor, Flavio Briatore, confirmed that former Red Bull boss and CEO Christian Horner is one of those interested parties, with Horner heading up a consortium to lodge a bid for the ownership stake.

PlanetF1.com understands that there are currently several bids on the table for the Otro Capital stake, with a surprise bid having been lodged in recent weeks by Mercedes team boss Toto Wolff.

Exact valuations of the respective bids have not been revealed, although sources have indicated that the bids would value Alpine at around £2.5 billion – extrapolating from this would suggest bids of around £600 million for Otro Capital’s 24 per cent.

This would mark a significant return for Otro Capital, whose high-profile investors include Hollywood actor Ryan Reynolds and golfer Rory McIlroy, amongst others, having paid €200 million for the stake three years ago.

Of the bids on the table, both Horner’s and Wolff’s bids are believed to be of considerable interest to the Renault Group due to the level of understanding of F1 they possess, as well as existing connections and opportunities.

As revealed by PlanetF1.com in January, documents pertaining to Otro Capital’s share show that there are limitations placed on any potential sale, with any potential sale only able to proceed with the approval of Renault, up until September 2026.

Following this date, Otro Capital will then have greater control over the sale of its shares, without necessarily needing any oversight from Renault, meaning the bids of the two F1 power players could become less attractive as Otro Capital seeks to maximise its return.

One factor that could stand in Wolff’s favour in the eyes of the Renault Group is the existing relationship between Mercedes and Alpine, which Wolff is likely to be able to leverage as a benefit for the F1 team, perhaps creating a ‘sister team’ dynamic alongside the Mercedes squad.

As of this season, Mercedes supplies the Enstone-based squad with gearboxes and power units, with Alpine becoming a Mercedes customer following the cessation of its own power unit operations at Viry-Chatillion last year.

An Alpine spokesperson told PlanetF1.com that, “the team is regularly approached and contacted by multiple parties and potential investors.

“We do not comment on any specific names or individuals in question. Any discussions are not a matter for the team; they’re between the current stakeholders and parties expressing an interest.

“The primary focus for the team is the immediate task at hand, which is the start of the racing season and seeing a sustained recovery of performance on track.”

A spokesperson for Mercedes told PlanetF1.com, “Mercedes is a key strategic partner of Alpine, and we are being kept apprised of the latest developments.”

Wolff’s entering of the arena for the Otro Capital stake thus re-ignites a rivalry between the two most successful F1 team bosses of the 21st century, whose professional relationship has ranged from grudging respect to outright hostility over the years.

Should Wolff’s bid be accepted, seeing him become a minority shareholder would likely spark discussions, once again, about the topic of single parties holding controlling positions across multiple teams, and the conflict of interest such positions create.

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It’s been a major point of contention for rival teams about Red Bull at various points over the past two decades, with the Austrian company owning both Red Bull Racing and the Racing Bulls squad.

It could be several months before any decision regarding a sale is made, during which time Horner is understood to be in a position to return to the grid, should the right opportunity emerge.

Speaking at the European Motor Show in Dublin in January, Horner said that he feels he has “unfinished business” in Formula 1, but is only seeking a return in which he would take an ownership stake in any team he commits to.

Aside from the Alpine bid, Horner has also been linked with Aston Martin’s team principal role, which is currently occupied by Adrian Newey. However, it’s thought that Newey’s taking of the role is merely to bridge a gap between former team boss Andy Cowell, whom Newey usurped, and a potential future hire.

Following his split with Red Bull, Horner is understood to be a free agent by this summer, meaning the British executive could become a very real prospect for Lawrence Stroll.

But this scenario begs the question of whether Newey would be amenable to working alongside Horner again. While their personal relationship is understood to be repaired, the optics of Horner arriving at Aston Martin now, after a very difficult start to the F1 2026 season, could look as though Newey, who is already a shareholder in Stroll’s team, needs rescuing after just a few short months of being a team principal for the first time.

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