In simple terms, a major financial investment has brought success on the pitch.

Wrexham have strengthened their first team with significant signings. Striker Paul Mullin (currently on loan at Bradford City), score 38 goals as he helped end the club's 15‑year stay in the National League as champions in 2023.

Beating rivals to experienced players such as Steven Fletcher and James McClean has been owed in part to the substantial wages on offer. This season, Wrexham shattered their transfer record to sign Nathan Broadhead from Ipswich Town in a deal worth up to £10m.

Yet, just as Chelsea had John Terry, at the heart of the project is academy‑produced defender Max Cleworth.

Wrexham chief executive Michael Williamson told BBC Sport at the FT Business of Football Summit: "You saw in this last transfer window, going from League One to the Championship, we brought in 13 new players, right? Which is a massive change.

"People say, 'Oh, you had a transfer market where your net spend was £30m'. Well, that's because we had no players we could sell. Norwich probably spent just as much, if not more, but they also sold a lot of...