Alpine team principal Flavio Briatore has publicly criticized American hedge fund Otro Capital following the breakdown of negotiations that would have seen Mercedes acquire a 24% stake in the Enstone-based Formula 1 operation. Speaking in Monaco on Friday, Briatore placed blame squarely on Otro’s pricing demands after talks with Mercedes boss Toto Wolff collapsed earlier this week, describing the hedge fund’s approach as unfair compared to Wolff’s conduct during the process.
The failed deal centered around Otro Capital’s minority shareholding, which the firm purchased for $200 million in late 2023 but has since been marketed at valuations between $600 million and $800 million as Formula 1 team values continue to escalate. Briatore emphasized that the negotiations were entirely separate from Alpine’s racing operations, stating that “Otro is nothing to do with the team” and describing the situation as “really the problem of Renault Group, it’s not the problem of the Alpine team.”
In a pointed assessment of why the Mercedes deal fell through, Briatore declared: “It’s very easy, the price was too high. Toto was very fair. I don’t think [the] Otro people are fair. Toto in all the negotiations was very fair.” The comments represent a rare public criticism of ongoing ownership negotiations and highlight growing tensions around one of Formula 1’s most closely watched potential deals.
With Mercedes now out of the picture, attention has shifted to other potential investors, including a consortium reportedly involving Red Bull team principal Christian Horner. Briatore confirmed multiple parties remain in discussions while emphasizing that any eventual buyer must receive approval from majority owner Renault Group. “Whoever buys the shares from Otro needs to have the blessing from Renault,” he explained, questioning Otro’s strategy by noting “it’s very difficult for somebody to spend $600 million to buy a minority in one company if it’s not agreed with the majority.”
Despite the current uncertainty, Briatore expressed enthusiasm about potentially working with Horner, citing their long-standing relationship from their previous collaboration during Renault’s engine supply partnership with Red Bull. “I’d be happy to work with anybody, especially with Christian,” Briatore said. “I have a super relationship with Christian. I’ve known him for 20 years, and we were working together on the engine.” The Alpine boss concluded by stating he would accept whatever solution Renault ultimately approves for the ownership situation.