A former Premier League CEO has called into question the details of Wrexham's proposed stadium redevelopment.
Plans to develop the Red Dragons' Racecourse Ground include a reported non-repayable government grant, a fact called into question by former Everton, Aston Villa and Aberdeen CEO Keith Wyness.
Speaking to Football Insider, Wyness expressed concern around the Welsh outfit, owned by Ryan Reynolds and Rob McElhenny, and their plan for government funding.
‘Major enquiry' needed for Government Grant plans
Keith Wyness, who worked as Everton CEO between 2004 and 2009 and most recently worked at Aston Villa until 2018, believes the club have the funds and resources to fund any redevelopment themselves.
He told Football Insider on the Inside Track podcast: “I think it is absolutely despicable. It’s basically state aid. Now Britain’s no longer in the EU and it reminded me of a story with Real Madrid were getting basically EU state aid. But there are still rules around getting government aid.”
“I think that, you know, I’ve been around stadium development projects and all we’d ever been able to get in terms of government funding and quite correctly was money for roads or transportation situations to be improved around the area. That’s what the government grant was for to Wales to try and do that.“
“Now, the argument that they’re trying to make is that this is going to be improving the stadium and allow it to host more international and national events that will help the economic impact in North Wales.”
“Well, I’m afraid when we’re seeing the Wrexham owners, we’re seeing Netflix, we’re seeing the revenue coming in, we’re seeing now the club almost valued at £350 million. I’m afraid there is enough money in there to reinvest in the club and rebuild their own stadium.
“I think that there should be a major enquiry into this money and if it can be clawed back because it’s a non-repayable grant, it isn’t repayable and I think it’s wrong.”
Red Dragons continue to flex financial muscles
With the club's value now around the above-stated £350m and owners Rob Reynolds and Rob McElhenney boasting a combined net worth in the region of $400m, Wrexham have continued to spend following their promotion to the Championship with more incomings touted for January.
On their promotion back to the second tier, the Red Dragons brought in almost £40m of talent over the summer while receiving no transfer fees for outgoing players, while Phil Parkinson's side are said to be lining up more statement signings for the January transfer window.
They currently sit 10th in the Championship in their bid for a fourth consecutive promotion to reach the Premier League.
FGG says: Wyness right to question grant
The news of non-repayable government funding into the Racecourse Ground certainly raises eyebrows.
While it is somewhat justified with the possibility of the use of the stadium for future national team obligations, the renovation undoubtedly provides the most benefit to the Red Dragons with £18m of a proposed £25m plan set to be funded by the taxpayer.
Given the wealth of the club's ownership and their recent financial dominance in the lower leagues, further government help to expand the revenue opportunities from their home ground may leave a sour taste for rival sides.