It’s hard to imagine Wrexham without Ryan Reynolds and Rob McElhenney, but their latest talk of a £350m price tag on the club has got tongues wagging, and could lead to big interest from investors in the future.
Since Ryan Reynolds and Rob McElhenney took over at Wrexham, we have seen unbelievable success and growth for the club in both a footballing and commercial sense.
The Red Dragons have climbed from the National League and are now preparing to play in the Championship next season.
Meanwhile, off the pitch, Wrexham have become a commercial behemoth thanks to the club’s high profile owners who have used their own name and the Welcome to Wrexham docuseries to boost the status of the club.
That has led to a fascinating financial situation at Wrexham for Reynolds and McElhenney and puts the club in a strong position for the future.
Finance expert dissects Wrexham’s £350m valuation
Over the last week, Reynolds slapped a £350m valuation on Wrexham. It’s a huge number by any standard, and did raise some eyebrows given the fact the Red Dragons are only just breaching the second tier of the EFL.
In light of this, we got finance expert Adam Williams to offer some insight into how Reynolds reached this figure, and why it may or may not be entirely accurate.
He said: “Valuations are a tricky business. Ultimately, they are subjective and come down to nothing more than what a prospective buyer is willing to pay. Valuing clubs is an art, not a science, as much as some people would like to pretend otherwise.
“But if you look at what other Championship clubs have gone for recently, £350m ostensibly seems very rich. Sheffield United were sold for £110m-plus. They have better infrastructure than Wrexham and have parachute payments. They are an established name with all the IP that comes with that.”
So, what would a potential investor get for their money if they were to take the plunge on a share in the Wrexham pot? Of course, there are not just benefits to consider, but also costs involved in taking the club to the next level.
Williams added: “If you’re buying a significant stake in Wrexham, you’re probably also going to be expected to contribute to the infrastructure upgrades they are planning, so you have to factor that into the price too.
“Yes, Wrexham sold a minority stake to the Allyn family at a valuation of around £100m, but you’re probably paying a premium for a minority stake and the prestige of having your name associated with what is increasingly an international club.
| Revenue Stream | Championship (Estimated Annual) | League One (Estimated Annual) |
| Sky Sports Deal | £3 – £4 million | £800,000 – £900,000 |
| Per-Match Fees | £500,000 – £1.5 million | ~£200,000 |
| International TV Rights | £1 – £2 million | £300,000 – £500,000 |
| Premier League Solidarity Payments | ~£5 million | ~£780,000 (for 2024/25) |
| Total Estimated Income | £9.5 – £12.5 million | £2 – £2.4 million |
“The initial report says Wrexham are expecting revenue of £50m in the Championship. Based on last season’s figures, that would make them the biggest earners besides the clubs in receipt of parachute payments. But then you’re looking at how sustainable that revenue is.
“They have a more transient fanbase than the established clubs – I think that’s fair to say. If Wrexham have a couple of bad seasons, who’s to say their revenue doesn’t fall off a cliff as fans lose interest? Even if it doesn’t, if you’re valuing a club at six times its revenue, that’s very steep. The biggest clubs in the world are usually valued by the experts at around the same revenue multiple, but they have a century of history behind them and a crystallised, global fanbase.”
It also cannot be overstated how important and alluring it is to have Reynolds and McElhenney as Wrexham owners. As time goes on, will their influence and attraction wane?
On this, Williams said: “If Reynolds and McElhenney are diluting their stakes as more shareholders come in, will the club retain that star power gravitas from which they’re currently benefiting? We’re talking long-term here, of course, but investors are going to be looking at the long term.”
Would Middle Eastern investors want to be involved with Wrexham?
We know McElhenney and Reynolds have a long-term plan, with Premier League football the ultimate goal. But, will they be around to see it come to fruition?
Well, Adam Williams tells us that while this colossal valuation may be a little steep, it may not be enough to put off potential suitors from the wealthy Middle East states.
He said: “I think it’s a massive risk for an investor at a £350m valuation, especially if you’re a minority shareholder who might have significant influence but who isn’t guaranteed the final say on operations and strategy.
| Club & owner | Estimated net worth |
| Wrexham: Ryan Reynolds, Rob McElhenney | $400 million (combined) |
| Arsenal: Stan Kroenke | $16.9 billion |
| Aston Villa: Wes Edens | $2.6 billion |
| Bournemouth: Bill Foley | $2.1 billion |
| Chelsea: Todd Boehly | $8.5 billion |
| Crystal Palace: John Textor, Josh Harris, David Blitzer | $4.88 billion (combined) |
| Fulham: Shahid Khan | $13.3 billion |
| Ipswich: ORG, BPSP and Avenue Sports | $13.9 billion |
| Liverpool: Fenway Sports Group | $12.95 billion |
| Burnley: Alan Pace | $245 million |
| Leeds United: 49ers Enterprises | $5.97 billion |
| Millwall: James Berylson | $136 million |
| Norwich City: Mark Attanasio | $700 million |
| Plymouth Argyle: Simon Hallett | $216 million |
| Portsmouth: Michael Eisner | $1 billion |
| Swansea City: Jason Levien, Stephen Kaplan | $242million (combined) |
| West Bromwich Albion: Shilen Patel | $100 million |
| Birmingham City: Tom Brady | $300 million |
| Barnsley: Chien Lee | $9.1 billion |
| Charlton Athletic: Gabriel Brener | $350 million |
“All that said, the owners are masters at PR. Even if they don’t get a £350m valuation, they are probably drumming up interest, creating more of that buzz. They know what they’re doing. Stories like these mean they are going to be appointment viewing in the Championship next season, and that in turn is what is helping them grow their brand.
“Maybe one day a Middle Eastern sovereign wealth fund or state-linked individual gets excited by the prospect of all that cultural capital and will be prepared to pay, if not £350m, then certainly an eye-watering markup on the last valuation.”
That would certainly be a gamechanger for Wrexham. Rob and Ryan currently boast a net worth of $400 million; not bad, and certainly more than most in the EFL, but Saudi money would really take the Red Dragons to unthinkable new heights financially.