Ryan Reynolds and Rob Mac given reality check over $472m valuation of Wrexham as more 'sensible' numbers revealed

Wrexham finally secured their spot in League Two after a series of failed attempts to escape the National League having been taken over by Reynolds and Mac - formerly McElhenney - in February 2021. Since then, the Dragons have gone from strength-to-strength securing three successive promotions. Wrexham have made a solid start to life in The Championship with their midweek draw at Leicester taking them to nine points from the opening eight games ahead of Friday's game against Birmingham.

And Reynolds and Mac are keen to build upon Wrexham's impressive rise up England's football ladder with reports suggesting the pair have been talking to advisors about selling a minority stake in the club to help fund player transfers and to aid in paying for a new Kop stand.

However, a football finance expert has warned that Reynolds and Mac's valuation may be inflated, estimating it could be worth a third of the $472m (£350m) valuation. "Valuing a football club is always part science and part art and ultimately it is about what someone is prepared to pay," Dr Dan Plumley of Sheffield Hallam University told Grosvenor Casinos via Wales Online. "However, some sensible judgement on the numbers can get us close. Typically, a football club would command a valuation of around 1.5 to 2 times turnover, plus the physical assets it owns and the respective intangibles of brand value, heritage and the power of the fan base.

"Even on the numbers we can see, that would put Wrexham at a valuation of circa £50m based on 2024 numbers. If the turnover has been higher in 2025 and jumps again in 2026 then talks of a £100m valuation becomes more feasible. Wrexham are trying to grow their turnover in the future through stadium expansion which is commendable. These are long-term projects, however, and would not lead to valuation jumps straight away."

Plumley was also quick to praise Wrexham and their owners for the strides take to move up the football pyramid but pleads for caution as they look to achieve their dream of reaching the Premier League in the foreseeable future.

"They've made positive strides on and off the pitch in the last three years. The next step won't be easy as they battle with increased costs, Championship PSR (Profit and Sustainability Rules) and other clubs in receipt of Premier League parachute payments," Plumley added.

Wrexham have previously posted impressive financial results, with the club's revenue for the 2023/24 financial year a notable £26.7m when they were still in League Two. The success of the documentary 'Welcome to Wrexham' has contributed to a rise in overseas interest and an increase in revenue.

And as they seek investment, it wouldn't be the first time they have sold a minority stake in the club having done so to the Allyn family last year. The club used the investment from the American family to launch a summer splurge, which saw them sign the likes of Nathan Broadhead, Ben Sheaf and Lewis O'Brien, to name three, in their bid to avoid immediately dropping back into League One.

The comments about Wrexham's overestimation won't sit well with all those associated with the club, notably Les Reed. The former Charlton manager was appointed as football strategy advisor in 2021 and has previously spoken out against those who question the £350m valuation of the club.

"If investment in a well run project with a sound revenue strategy is simply a 'gamble' would it explain why Brighton and Brentford have also managed to be sustainable Premier League clubs owned by successful stalwarts of the gambling industry?" Reed posted on his official LinkedIn in June

"Are Bournemouth taking a huge gamble on developing a new stadium and opening a state of the art training ground? Is it therefore wrong to suggest that an historic Welsh club with a huge fan-base and global recognition, run by successful people and owned by proven successful business people regardless of celebrity, can follow this path? Why would serious investors not want a stake in this journey?"