Alpine F1 appointment brings renewed focus to Otro sale plans
A new board appointment for Alpine hints at developments on the sale of Otro Capital's stake in the team.
Renault’s chief financial officer, Duncan Minto, has left the board of Alpine’s F1 team and been replaced by Guillaume Rosso.
Rosso is Renault’s global head of mergers and acquisitions and officially took on the additional role on April 7.
Alpine F1 board appointment renews focus on Otro stake sale
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The Alpine F1 team is primarily owned by Renault Group, which maintains control of the Enstone operation.
While the team operates as its own entity, it has featured board members from the broader Group.
That saw Philippe Krief, CEO of Alpine, appointed in mid-2023, following Minto joining Alpine F1’s board in December 2022.
Krief remains part of the board while Minto has moved on following his promotion to CFO of Renault Group last March. Previously, he was CFO of Alpine.
He is replaced by Guillaume Rosso, who joined Renault Group last October as head of mergers and acquisitions.
Rosso is also managing director of Alliance Ventures, a corporate venture platform for the Renault-Nissan-Mitsubishi alliance, taking on that role from last November.
A Frenchman, his background specialises in venture investment and strategic governance, not motorsport.
His arrival comes at a time of increased investor activity surrounding the Alpine F1 team.
While Renault Group remains the controlling shareholder and is understood to retain approval rights over any potential sale of minority equity, private investment firm Otro Capital is exploring options around its 24 per cent stake in the team.
That was acquired in mid-2023 for approximately $215million and is today valued at over $620million based on PlanetF1.com’s $2.6billion valuation of the team.
Under the terms of the original investment, Otro is subject to a lock-up period and cannot freely transfer its holding until September, with Renault believed to have rights over any potential transaction, including approval of prospective buyers.
Sources have indicated that while Otro is naturally seeking to maximise value from any exit, Renault is focused on ensuring any incoming shareholder aligns with the long-term strategic direction of the team.
More on Alpine F1 and Otro Capital
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Alpine confirms Christian Horner expression of interest to purchase stake in team
Flavio Briatore has confirmed that Mercedes-Benz AG is among parties that have expressed an interest in acquiring Otro’s stake. Its bid is believed to be worth $500million, subject to finance, and values the organisation at $2.1billion.
Multiple well-placed sources have also identified other interested parties, including American billionaire Steve Cohen among others.
Christian Horner is another name linked to the team. The ex-Red Bull team principal has made no secret of his desire to return to the F1 paddock and is known to be chasing an ownership stake as part of his next appointment.
It’s understood the relatively passive approach taken by Otro has caused some friction in the relationship with Alpine, prompting a potential exit beyond the stated maturity date outlined in company documents.
While ostensibly an F1 team, the Alpine squad is also an investment and marketing asset for Renault, complicated by minority equity holders.
Given Rosso’s background, his appointment could be seen as reinforcing the group’s governance and capital markets expertise and comes at a time when the structure of its minority investment base is under increased scrutiny.
Not a sporting appointment, his presence strengthens Renault Group’s corporate and transactional oversight within the Alpine F1 team.
Rosso’s arrival can therefore be viewed as more than a routine board change, and instead as a move that ensures Renault retains firm control of Alpine’s governance at a pivotal moment for its ownership structure.
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