European soccer is getting America-nized
Wrexham’s Hollywood-backed climb up the English soccer ladder is just the latest chapter in a growing trend: American and Canadian investors are buying into European clubs at record levels. Some are thriving, others are blowing billion-dollar leads.
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Wrexham, the Welsh soccer club owned by Rob McElhenney (wife: Kaitlin Olson, aka Sweet Dee) and international movie star Ryan Reynolds, over the weekend became the first English team to earn three promotions in three years—all coming since Reynolds and Mac bought the team for $2.5M in 2021—and will play next season in the country’s second tier, one level below the Premier League.
(North) Americans are taking over European soccer
Reynolds is Canadian, and McElhenney is American, making them part of a string of North American dominance in what the rest of the world considers real football.
- Liverpool, Leeds, and Birmingham City are all American-owned and have clinched titles or sit near the top in England’s top three divisions this season.
- 11 of the 20 Premier League clubs are controlled or part-owned by US investors, while roughly one third of all teams in the country's top four leagues are also owned by Americans.
- It’s not just England—27 clubs across the European “Big Five” leagues are currently under North American control (including nine in Serie A).
The appeal: In large part, lower valuations compared to equivalent assets in the US. The "promotion" system is also a draw for investment-minded owners—Bloomberg estimated Wrexham’s value back in March at ~$133M, a 5,200% increase since the initial purchase.
But…Things don't always go well. After becoming the first US owners to take over a Premier League club when they purchased Manchester United in 2005 (due to a dispute over a horse), the Glazer family, who also own the NFL’s Tampa Bay Bucs, were so despised by fans they had to sneak in to visit Old Trafford through an underground tunnel.
Liverpool’s owners in 2021 had to issue a public apology for signing up to a failed European Super League. And former Aston Villa owner Randy Lerner, who loved the club so much that he had the crest tattooed on his leg, ultimately sold it at a loss of $200M+ (a direct quote: “The Premier League cost me my nervous system”).
Big picture: Forbes’ annual list of the world’s most valuable sports teams is dominated by (American) football, baseball, and basketball teams. Soccer clubs occupy just seven of the top 50 spots.
