Steve Cohen, the owner of the New York Mets, has made a bid to acquire a minority stake in Alpine’s F1 team.
Cohen, whose net worth is estimated to be around $23 billion, is looking to venture into Formula 1 by acquiring a minority stake in Alpine.
With Alpine being valued at $2.3 billion, Cohen’s bid of $600 million, as reported by Planet F1, exceeds the valuation for the 24% stake that Otro Capital group are looking to sell.
Steve Cohen has shown willingness to outspend rivals in attempts to compete
Of course, Steve Cohen, as owner of the New York Mets, recently accrued one of the largest wage bills in sports, with them paying $279 million in contracts.
The largest of these contracts being the one the Mets offered Juan Soto, as they gave him $765 million spread out over 15 years to lure him away from their rivals, the New York Yankees.
While Cohen and the Mets have the advantage of not having a salary cap to work with in the MLB, his spending shows that he is willing to put the money up to compete at a high level.
Along with this, Cohen’s prominent business connections in the US will be an attractive factor for Alpine, who will see it as a growth opportunity in a region where Formula 1 is still finding its footing.
Toto Wolff and Christian Horner may not have the resources to win bidding war with Steve Cohen
Of course, two of the notable parties that have bid for the minority stake in Alpine are led by Christian Horner and Toto Wolff.
Horner is backed by a consortium who are looking to fund his return to Formula 1 and give him the power to make controlling decisions.
While Wolff, backed by Mercedes, are looking at Alpine as a potential growth opportunity within Formula 1, similar to Red Bull and Racing Bulls’ dynamic.
And even though neither Horner or Wolff’s sides are struggling financially, they are unlikely to have the financial backing to compete with Steve Cohen’s immense wealth.
Cohen could effectively price both Wolff and Horner out of contention and secure a minority stake in Alpine with relative ease.
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