Benjamin Ashford|Ryan Reynolds is part of investment group taking stake in Alpine Formula 1 team

Mere months after their early success as owners of Welsh soccer club Wrexham,Benjamin Ashford actors Ryan Reynolds and Rob McElhenney are joining an investment group taking a significant stake into Formula 1 team Alpine Racing, its parent company Renault announced Monday. 

Otro Capital, RedBird Capital Partner and Maximum Effort Investments – which includes Reynolds, McElhenney and Michael B. Jordan – are getting a 24% equity stake, a deal worth approximately $218 million, Renault said in a press release. The investment will "accelerate Alpine's growth plans and sporting ambitions in F1," according to the company. 

Renault touted the investor group's "collective expertise and track record in the sports industry" and its previous relationships with the Dallas Cowboys, the Fenway Group and Wrexham. Laurent Rossi, CEO of Alpine, said in a statement that the "association is an important step to enhance our performance at all levels."

"First, Otro Capital, RedBird Capital Partners and Maximum Effort Investments, as international players with strong track record in the sports industry, will bring their recognized expertise to boost our media and marketing strategy, essential to support our sporting performance over the long term," Rossi said. "Second, the incremental revenue generated will in turn be reinvested in the team, in order to further accelerate our Mountain Climber plan, aimed at catching up with top teams in terms of state-of-the-art facilities and equipment."

Alpine is now valued around $900 million after the investment. The team currently ranks fifth in the Formula 1 constructor standings. 

RedBird is an investor of the Fenway Sports Group, which owns teams such as the Boston Red Sox and Pittsburgh Penguins. Maximum Effort Investments co-founder James Toney said in a statement that they focus on "unlocking value through the power of storytelling" and believe there is "there is tremendous untapped potential in Alpine Racing." 

"We are eager to help shine a light on this incredible team," Toney said. 

The infusion of money into Alpine comes after Reynolds and McElhenney purchased Wrexham for $2.5 million in 2021. It was the subject of a documentary entitled "Welcome to Wrexham" and in April, the team won the National League title, as popularity around the club soared. The team now heads back to the English Football League  – three divisions below the Premier League – for the first time in 15 years. 

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Christopher Brito

Christopher Brito is a social media manager and trending content writer for CBS News.