Wrexham’s Hollywood owners Ryan Reynolds and Rob McElhenney have lost $250 million in the space of two minutes as the club failed to reach the Championship playoffs on a dramatic final day.
The fairytale story of Wrexham’s climb from non-league football to being on the verge of a spot in the Premier League has captivated millions around the globe in recent years.
Earning a spot in the Championship (English football’s second tier competition) with four promotions, Wrexham needed a win when they faced Middlesbrough on home soil on the final day of the season to secure a spot in the Championship playoffs.
A 2-2 draw was not enough to keep Wrexham in the top six as Hull City defeated Norwich City to leapfrog the Red Dragons.
Shaun Harvey, a director at Wrexham and former CEO of the EFL, earlier said a potential promotion to the Premier League “would be the greatest sports story ever”.
That final step will have to wait at least 12 months after Sunday morning’s draw.
Wrexham took a 2-1 lead in the first half when Sam Smith headed home to send the local fans into a frenzy and turn the game on its head.
However, the dream of a spot in the playoffs was killed off two minutes later in the 43rd minute when David Strelec got on the scoresheet for Middlesbrough in a frantic first half of drama.
Wrexham was unable to find the goal the club needed in the second half, crushing the dreams of Premier League fortunes.
It was assessed on Saturday that Wrexham stood to win up to $250m if they had secured a spot in the playoffs and progressed to the Premier League.
According to sports finance expert Dr Rob Wilson, Wrexham’s owners could now be in a dangerous financial position.
A spot in the Premier League has been valued to be worth around £120 million.
A spot in the playoffs alone is worth £15 million — taking the losses to more than $250 million Australian dollars.
It is easy to understand why Reynolds was so devastated after the game.
“I am completely gutted by today’s result but incredibly proud of our season,” Deadpool star Reynolds posted on social media.
“We’ve come a long way in five years and this was the best result in our 150+ year history. More to do. But for now, we have so much to be proud of.”
With Wrexham owners Reynolds and McElhenney spending big, the team is facing the reality check that its financial model needs to be addressed.
“If a club misses out on the play-offs, that’s a £15 million hit on revenue because of the associated ticket in and commercial revenue that’s on offer by making it through those additional games,” professor Wilson said.
“If they miss out on the play-offs and don’t get promoted to the Premier League, then we are talking about missing out on an opportunity worth £120 million and that is pretty significant. That’s particularly true for Wrexham given the amount of money they are spending and the spending that they have undertaken over the last couple of years.
“They’ve also got plans for a new training ground and an expansion to their stadium so it gets really, really tricky.”
“For Wrexham this season, what we’re really talking about is a cost opportunity if they miss the play-offs, to get into the Premier League.
“That failure would add up to £120 million pounds of lost revenue plus all those associated player contracts that they’ve got in the Championship where they’ve been hoping to secure that additional promotion.
“Failure to secure promotion to the Premier League in 2027, based on their current spending habits, would present Rob Mac and Ryan Reynolds with a very big problem.”
Wrexham’s dramas are only one of the many extraordinary stories that unfolded on Sunday morning.
Ipswich secured an immediate return to the Premier League as they beat QPR 3-0 to hold off the challenge of Millwall, who will now play in the play-offs where teams from 3-6 fight for the third and final promotional spot.
Southampton are the favourites to also bounce straight back to the top tier in the play-offs after a 19-game unbeaten league run.
A 3-1 win over Preston lifted the Saints up to fourth and secured home advantage for the second leg of their play-off semi-final against Middlesbrough.
Derby’s hopes of climbing into the top six were dashed by a 2-1 home defeat to Sheffield United.
Sheffield Wednesday’s relegation to the third tier was confirmed way back in February, but there was double cause for celebration for the Owls on the final day.
They beat West Brom 2-1 to win for the first time since September and end the season on zero points after an 18-point deduction.
The completion of a takeover by US consortium Arise Capital Partners was also announced at Hillsborough, allowing the club to avoid a potential 15-point penalty for next season.
Champions Coventry ended the season on 95 points after Frank Lampard’s men thrashed Watford 4-0.
TABLE AFTER FINAL DAY (Only playoff contenders shown)
1. Coventry — 95 points (+52)
2. Ipswich Town — 84 points (+33)
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3. Millwall — 83 points (+15)
4. Southampton — 80 points (+26)
5. Middlesbrough — 80 points (+25)
6. Hull — 73 points (+4)
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7. Wrexham — 71 points (+4)
8. Derby County — 69 points (+8)
— with AFP
