Wrexham AFC Confronts Financial Setback Following Brokerage Firm Collapse
Wrexham AFC, the Welsh soccer club famously owned by Hollywood stars Ryan Reynolds and Rob McElhenney with backing from Apollo Global Management Inc., is poised to suffer significant financial losses due to the collapse of United Kingdom currency brokerage Argentex Group PLC. The club had deposited £4.6 million (approximately US$6.2 million) with the London-based firm, which entered insolvency proceedings in July 2025 following disastrous foreign-exchange trades.
Substantial Financial Exposure Revealed
According to recent company filings from Argentex administrators, customers like Wrexham can expect to recover only 60-80% of their funds. This translates to potential losses ranging from roughly £900,000 to £1.8 million for the club. The administrators have indicated that payments to affected customers are unlikely to occur before early 2027, creating a prolonged financial uncertainty for the organization.
This financial blow comes at a particularly challenging time for Wrexham, which reported a loss of £2.7 million on revenues of £26.7 million in its latest financial year ending June 2024. The club had been anticipating a more profitable season following its promotion to the Championship, English football's second tier, where increased television revenues and sponsorship opportunities typically generate enhanced financial returns.
Broader Implications of Argentex's Downfall
The involvement of Wrexham in the Argentex collapse highlights the far-reaching consequences of the brokerage firm's failure. Argentex's unraveling resulted from a portfolio of high-risk United States dollar trades that imploded in April 2025, freezing thousands of derivatives transactions and customer funds. The situation also entangled loans owed to a company owned by U.K. cryptocurrency investor and Reform U.K. donor Christopher Harborne.
The timing of this financial entanglement is particularly problematic for football clubs, as July typically represents a period when organizations expect to generate substantial funds from new sponsorship arrangements and player transfers. For Wrexham, the £4.6 million held with Argentex represented a significant portion of its financial resources, especially when compared to the £1.1 million in cash "at bank and in hand" that the club reported for the year through June 2024.
Historical Context and Current Challenges
Reynolds and McElhenney acquired Wrexham for approximately £2 million in 2021 when the club was competing in the lower tiers of English football. Since their ownership began, the club's profile has risen dramatically, fueled by a popular documentary series chronicling the actors' stewardship and three consecutive league promotions. The owners recently announced a deal to sell a minority stake to New York-based Apollo Global Management in December 2025, and the club is currently competing for promotion to the prestigious Premier League.
Despite the significant financial setback, the situation could have been more severe for Wrexham. According to previous Bloomberg reports, derivative counterparties to Argentex who held profitable trades are likely to receive only one to two percent of their claims, representing substantially greater losses than those anticipated by Wrexham and other direct depositors.
Club spokespeople for Wrexham AFC have not immediately responded to requests for comment regarding the financial implications of the Argentex collapse. The situation continues to develop as administrators work through the complex insolvency proceedings affecting numerous clients across multiple industries.
