Watt, who bought his minority stake in Burnley in 2023, has previously revealed taking notes from the way McElhenney and Ryan Rynolds have approached things in charge of Wrexham.
"The most important thing always comes back to knowing and understanding the fabric of the town and the history and the traditions, and respecting and honouring that," he said in December. "That's what is most important. These clubs have been here long, long before we have and will be here long, long after we go. It's just a matter of doing right by all those people."