Posted on 10/17/2023 9:33:44 AM PDT by RummyChick
Patrick Mahomes, Travis Kelce and Rory McIlroy are part of a group which has invested €200 million ($210,970m) in the Alpine Formula One team.
In June this year the Renault Group confirmed it had sold a 24% stake in the Alpine grand prix team to a consortium of investors made up of Orto Capital, RedBird Capital Partners and Maximum Efforts Investments -- which included Wrexham FC owners Ryan Reynolds and Rob McElhenny.
(Excerpt) Read more at espn.com ...
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They are? Or the other teams are? Another team on the grid means everyone else takes a cut in $$$
Brad Pitt bought the Miraval estate for $28 million. The winery is worth quite a bit more than that but I don’t know what he dumped into it.
Plus their star power had to help increase the value in a way that average Joe Blow might have had a problem with success.
guess they thought they just had toooo much money...
this will alleviate their problem
how do you make a small fortune in racing??? start out with a big one...
Renault sucks but a $200m investment properly spent should buy some improvement and podiums, even with spending caps.
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Part of Andretti's buy-in is $200 million compensation to be split among the other teams.
From an AP article:
Liberty Media holds the F1 commercial rights and it is to the corporate giant that Andretti Global and partner Cadillac must next prove their commercial value. Liberty Media and F1 President Stefano Domenicali have mostly sided with the existing 10 teams, which vehemently oppose expanding the 20-car grid. The teams, however, have no vote on expansion.
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Current F1 teams — namely top players Red Bull and Mercedes — argue they have invested too much into F1 for someone to buy their way into the series. There is a $200 million anti-dilution fee for any new entrant, but the teams have argued expansion takes away from their financial cut.
it seems to be very high risk. Kelce reportedly made $20 million for Pfizer ad. So perhaps it is an acceptable risk with play money.
don’t get me wrong, it’s good for the team...
and they’ll make their money when they sell their shares in the team, but not in the near future was my point
I havent paid attention to how the whole Lionel Messi situation took place but I do know somehow all the teams are paying for bringing him on board to Inter Miami. I am sure some were not thrilled.
I bet the FC Dallas folks were thrilled to finally have a sold out crowd when Messi came to play.
Tony Stewart seems to have done well, also.
He missed a bunch of games and hacked off fans who paid dollars to see him. His body guard is a hoot. He means business
I am not familiar as to how these celebrity things work but I have seen deals where the buy in is essentially their star power. So they might not drop 10 million into a deal. It might be $1 million and they get a 25% stake to promote. Then when you sell out for huge dollars sometimes you get an ‘earn out’ which is what happened with Reynolds and Aviation Gin. He made some jokes about his “earn out”
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