McIlroy, Alexander-Arnold and Mahomes are among sporting stars to join a €200-million investment into Formula One team Alpine Racing.
Quarterback Mahomes' Kansas City Chiefs teammate Travis Kelce, former world heavyweight champion boxer Anthony Joshua and ex-Manchester United footballer Juan Mata are also part of the group led by investment firm Otro Capital.
Hollywood actors Ryan Reynolds, Rob McElhenney and Michael B Jordan were part of the original consortium that bought a 24 per cent stake in Alpine in June.
"Passion for excellence on the golf course has led me to admire the same pursuit in Formula 1," four-time major golf champion McIlroy in a statement.
"Partnering with Otro Capital in Alpine F1 is an exhilarating venture that unites my love for sports, competition, and the relentless drive to be the best."
Alpine, which is backed by parent company Renault, sits sixth in the F1 constructors' championship with five races of the 2023 season to go.
"These are best in class investors, athletes, entertainers and entrepreneurs and they are all committed to elevating the Alpine F1 team," said Alec Scheiner of Otro Capital.
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