Wrexham’s Hollywood owners have been hit with a hefty player bonus bill after their team won promotion to the Championship, but a crafty manoeuvre has softened the blow
Wrexham owners Ryan Reynolds and Rob McElhenney have pulled off a masterstroke after being hit with a hefty promotion bill. The Welsh side secured their third successive promotion on Saturday with a 3-0 victory over Charlton Athletic, lifting them out of League One at the first time of asking.
Playing in the Championship next season will bring numerous financial benefits for the Red Dragons, including an expected £8million boost in TV revenue. However, Wrexham’s promotion is not without its pitfalls for the Hollywood owners, as it has triggered a hefty sum to be paid to players in bonuses.
Fortunately, the duo foresaw the possibility of another rise up the divisions early on, according to a report by The Athletic. Despite being touted by many to finish in mid-table in the third tier, the club wisely took out an insurance policy ahead of the campaign.
The expected final bill to be footed in bonuses by Reynolds and McElhenney comes in at a whopping £1.449m – compared to £824,000 the previous season when Wrexham went up from League Two. The sum includes money owed to clubs from clauses activated under previous transfer deals.
The insurance policy is said to be capped at £850,000, but will still cover the lion’s share of the pay-out. Wrexham’s latest financial results show they are in a strong financial position as they head into the second tier.
Despite registering an overall loss of £2.7m, the club’s turnover skyrocketed by 155 per cent to an impressive £26.7m in the financial year ending June 2024. A substantial 52.1 per cent of that amount was generated from international markets, primarily North America, compared to 47.5 per cent from the UK and the remainder from Europe.
Wrexham’s stateside popularity has been boosted by the success of the ‘Welcome to Wrexham’ documentary series, leading to high-profile commercial contracts. United Airlines are the club’s current shirt sponsors, while SToK Cold Brew Coffee, owned by Danone, hold the stadium naming rights.
These sponsorships have significantly increased the club’s revenue from sponsorship up from £1.9m to £13.2m. Wrexham also welcomed new minority investors back in October.
The Allyn family from New York were brought on board after selling their medical device company Welch Allyn for $2billion (£1.5bn at current rates) in 2015. In the wake of the club’s latest promotion, McElhenney insisted they are “not done yet”.
It follows Deadpool star Reynolds restating their lofty goal of one day taking Wrexham into the Premier League. Posting on Instagram after Saturday’s game, Reynolds wrote: “We’ve been with Wrexham for what seems like the blink of an eye, but so much has happened.
“I remember the first press conference, we were asked what our goals were…and I think Rob jumped in with, ‘The Premiere League’. People laughed. They had every right to. It seemed insane…but we weren’t kidding.”
Earlier this year, Wrexham director Humphrey Ker also expressed his belief that the pair are ready to keep spending to achieve their dream. The actor and writer made his comments after sharing an insight into their reaction upon learning of the need to quadruple their wage bill in order to compete in the Championship.
“We’ve done a lot of strategic forecasting and things like that,” Ker told the Fearless in Devotion fan podcast back in March. “This was something that was discussed very early on this season in terms of what it would likely end up costing. Everybody is very aware of what would be required, which is good.
“When we had that Zoom, I watched like a hawk and I was looking at Rob and Ryan’s boxes to see what their faces do when these kinds of sums come up. They both looked very calm, which was good.”
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