Eddie Jordan perplexed by Reynolds and McElhenney’s ‘preposterous’ F1 deal

What can Wrexham expect in League Two?

F1 icon Eddie Jordan has admitted his surprise at Wrexham co-owners Ryan Reynolds and Rob McElhenney purchasing a 24 per cent equity stake in Alpine as part of an investment group. The duo, alongside another Hollywood star and Bournemouth co-owner Michael B. Jordan, have teamed up with Otro Capital and RedBird Capital Partners to buy into the F1 team.

However, Jordan was perplexed by the numbers involved as he did not believe that the team as a whole would be worth around £700million – following the 24 per cent stake going for £171. “I don’t believe it,” Jordan told GB News. “First of all, I won’t use the word fake news, but I mean, there’s absolutely no way from an accounting point of view – the financial model doesn’t stack up. That’s number one.

“It’s all very nice and very sexy to put these figures on things but they need to be supported and they need to be authorised. I noticed that there hasn’t been any reaction from Alpine or indeed from Renault which is a major shareholder

“And I find that in itself kind of strange. To value something of that level at a gross value of £700m – it’s preposterous. It’s ridiculous. What does that mean for the value of people like Ferrari or Mercedes or a Red Bull for example? That is what I consider to be the value of those teams. Alpine – it’s just not even close to that yet.”

JUST IN Ryan Reynolds ‘very excited’ for League Two as Wrexham stars target promotion[INTERVIEW]

However, both Renault – the F1 team’s parent company – and Alpine have both since confirmed the purchase. Reynolds and McElhenney have been hailed for their work in Wrexham, as the Welsh club returned to the EFL and have been put back on the map thanks to their celebrity owners.

Jordan claimed that Renault is hoping to use the public image of Reynolds and McElhenney to their benefit before explaining the difference between purchasing a F1 team as opposed to investments in football that the Hollywood trio have been more used to.

We use your sign-up to provide content in ways you’ve consented to and to improve our understanding of you. This may include adverts from us and 3rd parties based on our understanding. You can unsubscribe at any time. More info

Don’t miss…
Wrexham boss Phil Parkinson drops transfer hint as Ryan Reynolds ‘eyes Powell'[TRANSFERS]
Ryan Reynolds and Rob McElhenney learn Wrexham’s League Two fixtures[LATEST]
Wrexham safety fears raised as Ryan Reynolds and Rob McElhenney go Stateside[REACTION]

“The two people that you’ve mentioned, hugely big stars and a huge addition particularly for the American market, which is probably where Renault was trying to look forward to,” Jordan added. “They’re not probably putting a lot of their own money into this. I would say that the real people behind it in the States who have taken this investment, they’re using these two stars.

“Formula One is going through the roof and in terms of the sport, I think it’s behind football of course, but there’s actually only 10 franchises, whereas in football you’ve got 30 to 40 in each country throughout the world.

“So you multiply all of that out and then ask yourself, what is the value of having something in a niche market like Formula One? Why is the team not called Renault? Are they hiding behind something?”

Source: Read Full Article