Wrexham have received nearly £18 million (€21m/$25m) in non-repayable public grants from the Welsh government – far more than any other football club in Britain, according to UK government state-aid disclosures. Local officials had previously said that Wrexham would get a “substantial amount” of a £25m (€29m/$34m) Welsh government grant earmarked for redeveloping the area around Wrexham General train station, which sits adjacent the Racecourse Ground. What hadn’t been made public until now is that the club itself would receive the majority of that funding directly.
The club, owned by Hollywood stars Ryan Reynolds and Rob McElhenney, has also enjoyed a surge in commercial success. Their involvement has helped secure major sponsorships from global giants such as Meta, United Airlines, and TikTok. The public grant will only strengthen their already healthy financial situation.
Back in June, Bloomberg reported that owners Reynolds and McElhenney were considering selling a minority stake in a valuation of the club at £350m (€400m/$475m), having bought for just£2m in 2021. Earlier this year, Wrexham hit the £100m valuation mark following a 15 per cent stake acquisition by New York’s Allyn family. More investors are being sought according to the report, with internal talks having taken place already. The Welsh government grant will further strengthen the owners’ bid to transform Wrexham into the most expensive club in the Championship and solidify their push to achieve a record-breaking fourth-successive promotion, which will take them to the Premier League.
“This looks like an £18m nonrepayable subsidy to a privately owned business now flirting with a £350m valuation. Its existing owners are US-based and very wealthy and liquid private individuals,” said Stefan Borson, a football finance expert who works as the head of sport at the McCarthy Denning law firm.
“The club, and its owners, will benefit from the stand for the next 50 years, yet at no point would the taxpayer be repaid or directly profit from the club’s rise. The current ownership have put Wrexham on the global map but it is hard to understand why funding this stand in this way would be a priority for the government.
“So many. I don’t want to say to the world that I’m the best because there’s no truth to that. In my mind, I’m the best version of myself, if you know what I mean? It’s different when you say you are the best in the world to the world. ‘There are so many good players in my position. I’m doing my best. But I need to show more because I feel like I can do more. With goals, with assists, I can feel it.’”
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Reynolds and McElhenney have reiterated their desire and ambition to convert StoK Cae Ras – the oldest international football stadium on the planet – into a world class venue. “We have a plan in place right now that would eventually work from stand to stand, so eventually you get all four sides. It’s hard to say for sure, butwe think we could get between 45,000 and 55,000 people in there,” McElhenney told Collider last year.
With the renovation of the Kop Stand, the capacity will exceed 12,000. When that happens, it will comply with UEFA stadium requirements, having already been selected as one of the venues when Wales hosts next year’s European Under-19 Championship. What’s more, the Racecourse Ground has also been included in UK’s official bid to host the 2035 Women’s World Cup.
A council spokesperson said: “The Racecourse is an important cultural and heritage asset for the city of Wrexham and we are obviously keen to protect it for the future.
“Utilising grant funding from Welsh government, the council have provided funding to the football club to enable the redevelopment plans to be enhanced to a standard to enable international matches to be hosted in Wrexham once again.”
A Wrexham spokesperson added: “The impact of these improvements, and the ability to host international sporting events in north Wales, will create both a catalyst for local job creation and provide an overall economic uplift to the region due to the increased number of visitors attracted to the events and their economic activity while they are in the area.”
Meanwhile, the Welsh government is certain that the funding “will make the crucial difference between the club satisfying league requirements and meeting the more demanding international fixture standards,” adding that, consequently, StoK Cae Ras “can host competitive international football at the world’s oldest international stadium, boosting the local economy and delivering a fitting landmark for Wrexham.”
Phil Parkinson’s men enjoyed an excellent November, going unbeaten in England‘s second tier after a difficult start to the season at the club’s highest level in over 40 years. Their last defeat came over a month ago against Stoke City, and since then they’ve put together a strong run of form, remaining undefeated and collecting 15 from a possible 21 points.
They find themselves in 10th position on the league table, just two points behind sixth-placed Ipswich Town. If they can now find a bit of long-term consistency, Wrexham will fancy their chances of securing a promotion playoff spot, which would put them on the brink of the Premier League.
