Wrexham were one of the biggest spenders in the EFL during the summer transfer window as they look to establish themselves in the Championship after three consecutive promotions
Wrexham's Hollywood owners have suffered a £33million blow after bankrolling a significant transfer spree this summer. The Red Dragons have welcomed 13 new players in recent months as they aim to establish themselves in the Championship.
This includes a club-record deal that saw Wrexham shell out an initial fee of £7.5m, potentially rising to as much as £10m with add-ons, to bring in Ipswich Town forward Nathan Broadhead. Manchester City defender Callum Doyle was snapped up for £7.5m and Coventry midfielder Ben Sheaf was a deadline day purchase for £6.5m.
Meanwhile, former England international Conor Coady was the most high-profile name signed, despite the Leicester defender costing a more modest sum of £2m. Wrexham's total expenditure during the transfer window ranks them third among the top spenders of the 72 EFL clubs, trailing only Ipswich Town (£47.9m) and Southampton (£40.7m).
However, both these teams had a lower net spend than Wrexham due to income from player sales, with Ipswich raking in £75.9m and Southampton banking £110.7m. Both teams also benefit from substantial parachute payments following their relegation from the Premier League last season.
In stark contrast, The Athletic reports that Wrexham only made a paltry £150,000 from player sales. The club received payments for the sale of striker Jack Marriot to Reading, as well as for wing-back Luke Bolton's transfer to Mansfield and goalkeeper Luke McNicholas' move to Forest Green Rovers.
It has also been disclosed that several players who left had their contracts paid up in full, while others continue to have a substantial portion of their wages covered by Wrexham after going out on loan. Wrexham's promotion from League One last season has therefore come at a considerable expense to celebrity owners Ryan Reynolds and Rob Mac.
Despite this, the duo reportedly see manager Phil Parkinson's extensive overhaul as necessary following Wrexham's rapid ascent from the National League to the second tier. Club officials initially planned for a more gradual transition, but the team's lacklustre performances during their pre-season tour of Australia and New Zealand led to a change in strategy.
Both co-owners have previously expressed their ultimate goal of taking Wrexham all the way to the Premier League. After a 3-0 victory over Charlton in April, which secured the club's promotion to the Championship, Deadpool star Reynolds stated: "Our goal is to make it to the Premier League.
On reaching the second tier, he added: "It just seemed like an impossible dream, but as storytellers, you look as much as you can at the macro view of history." Meanwhile, Mac, who recently applied to legally change his surname from McElhenney, has often quipped that he doesn't grasp the concept of consolidation.
As a result, they see the massive summer spending spree as essential to realise their dream. The Welcome to Wrexham documentary has been a boon for them, casting an international spotlight on the club.
During the 2023-24 season, Wrexham's turnover swelled to £26.7m while still in League Two, thanks to lucrative sponsorship deals. Affluent new investors have also come onboard, including the Allyn family from New York.
The enormity of the challenge Wrexham face in the Championship was underscored by the fact that it took them four games into the new season to secure their first win. Parkinson's team lost their first two matches away at Southampton and at home against West Brom.
This was followed by a 2-2 stalemate with Sheffield Wednesday at the Racecourse, and finally, their 2-0 triumph at Milwall last weekend. The magnitude of Wrexham's summer overhaul is not unprecedented, as Parkinson brought in ten fresh faces during his first transfer window at the helm in 2021.
Reynolds and Mac are banking on their pricey new signings being just as successful in propelling their club into the top flight.