Toto Wolff and Mercedes have emerged as surprise bidders for the 24% stake in Alpine that private equity group Otro Capital is selling, directly challenging former Red Bull team principal Christian Horner’s attempt to use the same parcel as a route back into F1. Horner, dismissed last season, has said he has “unfinished business,” and an adviser confirmed his interest earlier this year.

It is unclear whether Wolff would lead his own investor consortium or act on behalf of Mercedes, which has described itself as “a key strategic partner of Alpine” and says it is being kept apprised. Otro values Alpine at £1.5bn-£1.86bn, putting the 24% stake at roughly £360m-£448m; any sale would leave Renault with about 76% and requires Renault’s sign-off; earlier reports said Horner’s plans depended on Renault reducing its holding.

Mercedes AMG HPP already supplies Alpine with power units and gearboxes under an agreement running through at least 2030, so a Wolff- or Mercedes-backed purchase could deepen technical and commercial integration. Rival teams have voiced concern about the competitive implications of shared ownership or multi-team alliances, and several reports say a Mercedes approach would likely complicate or block Horner’s route back.

Alpine and Otro Capital declined to comment; the situation remains unconfirmed and the outcome will shape Alpine’s shareholder structure and wider dynamics in F1.

Sources