Michael B. Jordan is rearing into the lucrative world of racing.
According to a recent Forbes report, the actor joins fellow Hollywood stars Ryan Reynolds, and Rob McElhenney have purchased a financial stake in the Alpine Racing team in a deal that will take a 24 percent equity stake in the entity.
“This association is an important step to enhance our performance at all levels,” Alpine CEO Laurent Rossi said according to Forbes. “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.
“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.”
Jordan joins other stars that have made significant investments in sports organizations. For instance, as previously reported by ESSENCE in 2022, Thirty Five Ventures, Kevin Durant’s investment firm participated in an investment round headed up by The Chernin Group for the Premier Lacrosse League with participation from World Wrestling Entertainment (WWE).
Jordan’s involvement in the Formula One Racing team ownership is just the latest smart investment from the Creed star. He along with Serena Williams Jordan partnered with the competition to invest $1 million in TracFlo, an app that streamlines workflow operations for construction projects. Earlier this year, he also acquired minority rights for English soccer team Bournemouth FC.
‘It is crazy and amazing,” he said. “One reason I wanted to invest is that there was so much potential there. If you give to the community, and you have new managers and new players you can raise the culture of the team. It’s exciting, It is crazy and amazing.”