Wrexham AFC Sells Minority Stake to Allyn Family

Wrexham AFC has sold a minority stake in the club to the Allyn family, who previously owned the global medical device company Welch Allyn for over a century. Under current manager Phil Parkinson, Wrexham has achieved consecutive promotions. The Allyn family, based in Skaneateles, New York, sold their company in 2015 and now concentrate on “purpose-driven investments in private and public markets.” Their acquisition of a stake means they will join Hollywood actors Ryan Reynolds and Rob McElhenney, who officially became majority owners of the north Wales club in February 2021, as stakeholders. In a joint statement, Wrexham’s co-chairmen, McElhenney and Reynolds, commented: “Wrexham has earned the world’s attention and we are focused on bringing on board world-class partners to help with the next phase of our growth. We have been fortunate to get to know the Allyn family and we are blown away by their intelligence, kindness and commitment. They are exactly the type of partners we will need for this amazing endeavour.” Wrexham, a League One team, stated that this investment, facilitated via Red Dragon Ventures LLC, “will help fuel the club’s lofty ambitions, as well as those of the broader Wrexham community.” Eric Allyn, who serves as manager and chief investment officer for the Allyn family office, remarked: “For more than a century, our family has focused on building great companies, while also uplifting wonderful communities. Our decades-long efforts in the Syracuse region are similar to what Rob and Ryan have started in Wrexham. We view Red Dragon Ventures as a vehicle to invest in a world-class football club, and, importantly, in the welcoming community of Wrexham.” Manager Phil Parkinson has successfully led the Red Dragons from the National League to League One during the tenure of owners Reynolds and McElhenney. Wrexham presently occupies the third position in League One, having accumulated 25 points from their initial 13 games of the season. Speaking on BBC Radio Wales, Kieran Maguire characterized the move by Reynolds and McElhenney as “very smart.” He noted that Wrexham is currently experiencing a surge in popularity, particularly in the United States, making them one of the most recognized English/Welsh teams. Maguire attributed this to the “incredible success” of their television show, which has also drawn global sponsors. He suggested that the price achieved for this minority stake would be “significant,” representing a “good deal” for the current owners and providing additional funds for the club to “reinvest and recycle.” Maguire also highlighted a potential challenge for Wrexham in the Championship, should they reach it, citing average weekly losses of £400,000 in that league. He contrasted Wrexham with clubs such as Sunderland, Derby County, Sheffield Wednesday, and Leeds United, which can “very easily” generate crowds of 30,000-45,000, setting a “new benchmark.” Maguire advised that Wrexham, despite having “an awful lot of goodwill,” would need to “be smarter” in the Championship, as they “can’t be bigger” than clubs relegated from the Premier League. He drew a parallel with Manchester City, described as the wealthiest UK football club, which sold 15% to American investors, finding value for both parties. Maguire concluded that involving another party, especially one with “deep pockets,” can be advantageous given that running a football club is a “precarious and expensive business,” and owners may not wish to bear “all of the risk or all of the responsibility.”