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Ryan Reynolds’ Wrexham team owe him millions. What is the financial hit? – National | Globalnews.ca

Owning a football club means hitting Ryan Reynolds in the wallet.

Wrexham, the Welsh team bought by Reynolds and fellow Hollywood actor Rob McElhenney in 2021, published its accounts for the last financial year on Thursday and announced that the amount owed to celebrities was almost nine million pounds (11.4 millions of dollars).

This represents an increase from 3.7 million pounds ($4.67 million) the previous year, ending June 2022.

While the club said its turnover had increased from almost 6 million pounds ($7.5 million) to 10.5 million pounds ($13.3 million) and the outlook for future were positive, its losses increased from 2.9 million pounds ($3.66 million) to 5.1 million pounds ($6.4 million). millions of dollars).

Reynolds and McElhenney bought Wrexham, one of the oldest soccer teams in the world, for $2.5 million when the club was in the fifth tier of English soccer.

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It has since been promoted to the English Football League and is bidding for back-to-back promotions, which would take the team to the third tier of League One.


Click to play video: “British Columbia-born actor Ryan Reynolds receives Governor General's Award”


British Columbia-born actor Ryan Reynolds receives Governor General’s Award


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Wrexham said the club’s losses were “deemed necessary to enable the club to maximize its full potential as quickly as possible”.

“The club is under no immediate pressure to repay these loans at the expense of the progress we seek to make,” Wrexham said, “and additional financial support will be provided/guaranteed to support the capital expenditure projects that the club club is currently planning.”

These plans include increasing the capacity of its Racecourse Ground stadium.

Wrexham regularly hosts crowds of over 10,000, more than three times the number of spectators before the takeover and a remarkable figure for a fourth-tier team.

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“The financial losses suffered by the club since the takeover are unlikely to be repeated,” Wrexham said, “with the income generated by the club now being sufficient to cover the operational costs of the club in the future.”

Wrexham highlighted the “continued popularity of ‘Welcome to Wrexham'” – the stunning documentary charting Reynolds and McElhenney’s progress as football owners – and the rise in money made in the EFL as reasons to predict that turnover will continue. on growth.

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