Vidostream | News, sport and opinion from the Vidostream's US edition

https://vidostream.com

Ryan Reynolds fairytale now a $17m mess

 

Fans knew Hollywood star Ryan Reynolds was losing a “tonne of money” — but the latest figures show it has got a lot worse.

Wrexham now owe nearly $17 million (£9 million) to Hollywood owners Rob McElhenney and Ryan Reynolds after losing £5 million in the year of their promotion to the English Football League, the Welsh club announced on Friday morning (AEDT).

The latest financial statement comes after executive director Humphrey Ker claimed in December that Reynolds and McElhenney were “losing a tonne of money”.

Turnover, however, doubled to almost £10.5m and Wrexham said financial losses suffered since McElhenney and Reynolds’ takeover in February 2021 were unlikely to be repeated due to the income now generated by the League Two club.

Get on board Kayo and watch every game of every round of the NRL + AFL Seasons live and ad break free during play. New to Kayo? Start Your Free Trial Today >

“The amount owed to The RR McReynolds Company, LLC (owned by McElhenney and Reynolds) at the year-end was £8.977m (2022: £3.714m),” read a Wrexham statement.

“The financial losses suffered by the club since the takeover shouldn’t be repeated, with income generated by the club now sufficient to meet the operational costs of the club going forward.

 

Wrexham owners Rob McElhenney and Ryan Reynolds hold the Vanarama National League Trophy. Photo by Matthew Ashton - AMA/Getty Images.
Wrexham owners Rob McElhenney and Ryan Reynolds hold the Vanarama National League Trophy. Photo by Matthew Ashton - AMA/Getty Images.

“These losses were deemed necessary to allow the club to maximise its full potential in the shortest time practically possible.”

Wrexham, now competing in the fourth tier of the English Football League, added: “The club is under no immediate pressure to repay these loans at the expense of the progress we seek to achieve and further financial support will be provided/secured to support the capital expenditure projects the club is currently planning, which includes increasing the capacity of The Racecourse Ground and the development of a training facility for all the club’s teams.

“The year-on-year income comparisons since the takeover, show the potential of the club.

“These will significantly increase again for the year ending June 30, 2024, following promotion and the continued popularity of Welcome to Wrexham.”

 

Ryan Reynolds the co-owner of Wrexham. Photo by Matthew Ashton - AMA/Getty Images.
Ryan Reynolds the co-owner of Wrexham. Photo by Matthew Ashton - AMA/Getty Images.

The Hollywood actors had recently installed a new £250,000 temporary stand at the Racecourse Ground.

Wrexham ended a 15-year absence from the EFL last April by winning the National League.

Since surprisingly buying unheralded Wrexham in 2021, McElhenney and Reynolds’ investment has helped lift the team back into the fourth tier, while bringing global recognition to the club via a Disney television documentary series.

Unlike the rest of their League Two rivals, Wrexham’s growing fame in the United States allowed Phil Parkinson’s side to go on a pre-season tour of North America which included games against Chelsea and Manchester United.

Wrexham are now chasing a second s

Author: Editors Desk, AFP

Source: News Corp Australia Network:

We are using cookies to give you the best experience on our website. By continuing to browse, you are agreeing to our Cookie Policy.
You did not use the site, Click here to remain logged. Timeout: 60 second