Wrexham owners Ryan Reynolds and Rob McIlhenny have welcomed the New York-based Allen family as new minority investors in the League One club.
In a joint statement, the Hollywood actor duo said: “Wrexham has captured the world’s attention and we are focused on bringing in global partners to help with the next phase of our growth.
“We have been fortunate to get to know the Allen family and have been blown away by their intelligence, kindness and commitment. They are exactly the kind of partners we will need in this incredible endeavor.”
A club statement added that the investment “will help advance the club’s noble ambitions, as well as those of the wider Wrexham community.”
Based in Skaneateles, New York, the Allen family made their fortune through Welch-Allen, a global manufacturer of medical equipment.
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“For more than a century, our family has focused on building great companies, while also lifting great communities,” said Eric Allen, chief investment officer of the family group.
“Our decades-long efforts in the Syracuse area are similar to what Rob and Ryan started in Wrexham. We view Red Dragon Ventures as a way to invest in a world-class football club and, more importantly, in the welcoming community of Wrexham.
Wrexham occupies third place in League One, four points behind leaders Birmingham City, having won seven of their first 13 matches this season.
The Welsh club are aiming for a third successive promotion after moving from the National League to the third tier of English football in the space of three years under the guidance of McIlhenny and Reynolds.
The investment will help fund Wrexham’s ambition
Analysis by Richard Sutcliffe
It is no surprise that a new minority investor has been brought on board by SToK Cae Ras.
The intention to sell “minority share positions” in the Club is set out in the strategic report accompanying the Club’s most recently published accounts, for the 12 months to 30 June 2023.
The report, released in April this year, also confirmed that a minority shareholder had indeed joined. No details were provided about the identity of that individual or group, nor the amount paid for the five percent stake.
By selling an ownership stake to the Allen family, Reynolds and McIlhenny have brought in welcome cash at a time when the ambitious League One club is embarking on several major infrastructure projects as well as looking to maintain the upward trajectory that has seen Phil Parkinson’s side win. Consecutive promotions.
A state-of-the-art Kop platform is planned which will be partly funded by public funds, with Wrexham last week appointing a new Populous architect with a view to opening the new structure in time for summer 2026.
Wrexham are also looking to build a new training ground, while a new academy is also in the works at Darland School after official plans were revealed in September.
On the pitch, the owners are determined to keep progressing with this season’s goal of promotion to the Championship, a level in the English pyramid where many clubs incur huge financial losses in chasing the dream of reaching the Premier League.
In clinching a place among the elite last season when financial figures are available (2022-23), Sheffield United lost £31.4m and champions Burnley lost £27.9m.
Neither Reynolds nor McElhenney will want to be open to that kind of potential loss.
Only time will tell how many “minority shares” the couple will be willing to sell in Wrexham. However, by reducing their contributions and bringing others into the company while remaining a public face, the move bears the hallmarks of how Reynolds had previously operated successfully in the business world.
After launching the Aviation Gin brand, the Canadian actor sold all of his shares to the Diageo empire in a $610 million deal in 2020. Likewise, Mint Mobile, part of the budget mobile phone company owned by Reynolds, was sold to T-Mobile for a Cash and stocks. With a value of up to $1.35 billion.
Despite these two deals, the Deadpool star has remained very closely associated with the two companies in the aftermath through commercials and social media in the public eye.
(Jan Kruger/Getty Images)
