P1racenews AI automatic summary:
Gene Haas has revealed that he turned down interest from a consortium of investors which have since partnered with the
In June, Otro Capital acquired a 24% stake in Alpine Racing Limited, pushing the team’s valuation over €800 million. The investment was backed by RedBird Capital Partners and Maximum Effort Investments, with Hollywood actor Ryan Reynolds and Wrexham Football Club co-owner Rob McElhenney joining the consortium. Alpine sees this investment as crucial for long-term sporting performance, with the revenue being reinvested into the team. Gene Haas, owner of Haas F1, dismissed interest from Alpine’s eventual investors due to their high return rate expectation and oversight. Haas F1 has struggled since joining the grid in 2016, with their best performance being fifth in the Constructors’ Championship in 2018. Gunther Steiner, former team principal, believed that the team’s business model was more important than additional investment. Haas F1’s current business model involves taking components from Ferrari and funding the project through Haas Automation. Steiner emphasized the importance of people and different business models in achieving success, rather than solely relying on money.
