Christian Horner’s hopes of making a return to Formula 1 have received a significant boost following reports that Mercedes has stepped away from negotiations to purchase a stake in Alpine.
The former Red Bull team principal has been heavily linked with a potential role at Alpine in recent months, with speculation growing after investment firm Otro Capital indicated a willingness to sell its 24 percent shareholding in the Enstone-based team. Horner, who departed Red Bull in 2025 after two decades of success, is believed to be among the interested parties exploring opportunities within the Alpine project.
Mercedes CEO Toto Wolff had also been connected to discussions surrounding the possible acquisition of the stake. However, Alpine executive advisor Flavio Briatore recently clarified that any talks involving Mercedes related to the Formula 1 team as an organisation rather than a personal investment from Wolff himself.
Alpine and Mercedes have developed a closer relationship in recent years through a power unit supply agreement. Since switching to Mercedes engines, Alpine has enjoyed a noticeable improvement in performance, allowing the team to become far more competitive than it was during the previous two seasons. The partnership has strengthened Alpine’s position in the midfield and fuelled optimism about its long-term prospects.
Despite the growing collaboration between the two teams, reports now suggest that Mercedes has withdrawn from discussions to acquire Otro Capital’s shareholding. According to BBC Sport, the German manufacturer was discouraged by the valuation being sought for the stake.
The report claims that Otro Capital is looking for approximately $720 million for its 24 percent holding. Such a price would place Alpine’s overall valuation at around $3 billion, a figure that Mercedes reportedly considers excessive. Sources suggest Mercedes values the team closer to $2.3 billion, creating a gap of roughly $700 million between Alpine’s asking price and Mercedes’ assessment of the organisation’s worth.
The difference in valuation appears to have been too large to overcome, resulting in Mercedes stepping away from negotiations. Their withdrawal potentially clears the path for other interested investors, including Horner, to pursue opportunities with Alpine without competition from one of Formula 1’s most influential manufacturers.
For Horner, the development could represent an important opportunity to re-establish himself within the sport. The British executive enjoyed remarkable success during his 20-year spell at Red Bull, overseeing multiple championship-winning eras and helping transform the team into one of Formula 1’s dominant forces. His leadership contributed to eight drivers’ world championships and six constructors’ titles, making him one of the most successful team principals in the history of the sport.
The financial figures involved in the Alpine negotiations also highlight the extraordinary growth in Formula 1 team valuations in recent years. Driven by the sport’s expanding global audience, increased commercial revenues and growing popularity in key markets, team values have risen dramatically.
Recent financial assessments demonstrate just how valuable Formula 1 teams have become. Ferrari was identified as the most valuable team in the championship in 2025, with an estimated valuation of $6.4 billion. Mercedes ranked second at approximately $5.88 billion, while reigning constructors’ champions McLaren secured third place with a valuation of around $4.73 billion.
These numbers underline the increasing attractiveness of Formula 1 as an investment opportunity. With team values continuing to rise and interest from investors growing stronger, ownership stakes have become highly sought-after assets.
As Mercedes exits the race for a share of Alpine, attention is likely to shift toward other potential buyers. Whether Christian Horner ultimately becomes involved with the French team remains uncertain, but Mercedes’ withdrawal undoubtedly improves his chances of finding a route back into Formula 1 and returning to a leadership role on the grid.
