Toto Wolff might have pulled off a masterstroke selling 15% Mercedes stake in Alpine pursuit

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Was Toto Wolff plotting to buy a stake in Alpine months ago? A quick look at his recent activity suggests it’s a possibility.

Wolff and Mercedes entered the Alpine sweepstakes, adding a twist to the saga. They have reportedly launched an unspecified bid for Otro Capital’s 24% stake in Alpine.

Christian Horner has had talks to purchase Alpine for quite some time now, eyeing Otro Capital’s minority stake as a route back to Formula 1.

Who is the best person to run Alpine in Formula 1: Christian Horner, Toto Wolff or Flavio Briatore?

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The former Red Bull CEO is thinking big, as Horner is reportedly eyeing a majority ownership in Alpine through a consortium.

Toto Wolff’s entering the Alpine talks came as a bit of a surprise. But given his recent financial activity, it appears this has been in the works for months.

READ MORE: Toto Wolff accused of ‘pettiness’ by F1 fans as he considers hijacking Christian Horner’s Alpine bid

Toto Wolff can fund nearly half of Alpine purchase from sale of 15% Mercedes stake

In late November of last year, Toto Wolff sold 15% of his Mercedes stake to Robert Kurtz for a reported £230 million. He still retained 28% of his initial 33% stake in Mercedes through this process.

Otro Capital purchased a 24% stake in Alpine in the summer of 2023, for a reported £171 million (£180 million adjusting for current inflation).

Reports from Planet F1 suggest that bidders for Alpine have accepted a £2.5 billion valuation, meaning that 24% would cost nearly £600 million for any bidder.

While Wolff didn’t sell his Mercedes equity for nearly the same amount, it is important to remember that the bid for Alpine from Wolff is in conjunction with Mercedes.

Theoretically, Wolff could liquidate the £230 million Kurtz invested in his shell company to complete the sale and provide nearly half the amount needed to purchase a stake in Alpine, with the rest coming from Mercedes as a whole.

READ MORE: Christian Horner’s ‘most likely’ destination is Aston Martin after Toto Wolff’s unlikely Alpine bid

Prove me wrong: Christian Horner is the best person Alpine can hire in 2026

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Toto Wolff and Mercedes could be eyeing Alpine as potential sister team

There has been a lot of concern and questions surrounding Wolff and Mercedes’ sudden interest in Alpine.

Some fans believe this is the start of Mercedes trying to convert Alpine into a sister team or a development team, similar to the relationship between Red Bull and Racing Bulls.

Should this scenario come to pass, these concerns are valid, as it would mean that four of the 11 teams on the paddock would be under the control of two ownership groups, respectively.

However, there are a lot of obstacles for Mercedes to make that happen, especially as other teams could request FIA intervention.

For now, the far more likely scenario is Mercedes and Wolff eyeing an investment opportunity. But the far more dangerous prospect cannot be ruled out entirely.