Ryan Reynolds and Rob McElhenney's Wrexham have received another huge cash injection (Image: Jan Kruger/Getty Images)
Wrexham, owned by Ryan Reynolds and Rob McElhenney, have issued one new share in exchange for an eight-figure sum following the approval of plans for a new 5,500 seat stand
Wrexham have received a huge financial boost following a new £14.3m cash injection as they look to continue their sharp rise up the leagues.
The League One side, owned by actors Ryan Reynolds and Rob McElhenney, have issued one new share in exchange for the eight-figure sum. Details of the fresh investment were released via the Companies House website in the same week as the club was granted planning permission to build a new 5,500 Kop stand at the Racecourse Ground.
Whether the money will be used to fund the project has not been confirmed, but it also follows the Hollywood duo bringing new minority investors on board in October last year. The New York-based Allyn family previously owned global medical device company Welch Allyn before selling the firm in 2015 in a deal reportedly worth more than $2bn.
Football finance expert Kieran Maguire believes the Allyn family are the most likely source of the latest funding after arriving with the stated goal of furthering the club's development. The University of Liverpool lecturer also suggested the investment will be used to pay for infrastructure improvements to keep pace with the demand for tickets for Wrexham's home games.
"It looks like good news and it's a fresh investment," said Maguire, who presents the Price of Football podcast. "Presumably, it's going to be used for infrastructure to allow the club to expand, which is what they need to do, to give people the opportunity to watch them.
"The reason why it's one share for £14million as opposed to 14 million shares for a pound each, is that it doesn't disturb the share ownership as such. If you had 30 per cent before, you've still got 30 per cent now.
Eric Allyn and his daughter Kaleen are Wrexham's new minority investors ( Image: Geraint Lloyd)
"I suspect it's the Allyn family, because it's not really what Reynolds and McElhenney are bringing to the party. They're bringing stardust and that works extremely well, but from more of a financial background it would make more sense if it's from the other investors."
Wrexham are currently third in League One and chasing their third successive promotion under Phil Parkinson. The Red Dragons are just two points shy of second-place Wycombe in the automatic promotion spots, with the two teams preparing to meet in a crucial clash at Adams Park later this month.
Reynolds and McElhenney have made no secret about their ambition of taking Wrexham all the way to the Premier League. Maguire said the recent investment suggests that's exactly what they're planning for in the long run.
However, he stressed the need to boost the capacity of their stadium sooner rather than later to avoid losing out on money from the captive global audience created by the Welcome to Wrexham docuseries.
He said: "My view is that they're budgeting for promotion and spending the money now to make sure that they're as Championship ready as they can be. If you're Championship ready, it's a much smaller step to be Premier League ready, which clearly will be their next ambition. They do need to have a significant upgrade as far as facilities are concerned, though.
"Luton were in the Premier League last year, and it probably held them back a bit, although Bournemouth survived with crowds of 11,000 and they're doing fantastically well. The demand to see Wrexham in the Premier League, if they're there in two or three years time, would be absolutely huge, especially from the international fan base.
"It would be such a shame from their point of view, if you're constrained by the fact that you've only got a relatively small capacity in the ground. You’d be turning business away when you're able to charge Premier League prices and Premier League hospitality packages which will make every commercial director cry."
Wrexham's quest for League One glory continues on Saturday as they face Rotherham at home before travelling to Reading on Tuesday. An important promotion tie against Wycombe then awaits them on March 15.