The duo entered talks with the Wrexham Supporters Trust (WST) in September over a deal for the National League side that have been under fan ownership since 2011.
The formalities of the deal that will see the duo invest £2million into Wrexham have now been completed.
In a statement issued by the WST, the new owners say funds will be made available immediately and “first-team player identification will be a priority”. Further money will be spent to enhance the women’s football programme, community initiatives and the Racecourse Ground.
A statement from Reynolds and McElhenney read: “It is a special day for the two of us to become the latest stewards in the long and storied history of Wrexham AFC.
“Together with the players, the staff, the fans and the local community, we can now pursue our goal to grow the team and return it to the EFL in front of increased attendances, and in an improved stadium, while making a positive difference to the wider community in Wrexham.
“Wrexham AFC is only in a position to thrive because of the incredible efforts of the Wrexham Supporters Trust. Their members are a fitting reflection of the integrity and spirit of the town and they will always have an important role at the club.”
Wrexham have been fan-owned since the WST took charge of the club in 2011.
The trust had not been seeking to sell when approached through an intermediary about a potential sale, but its members voted overwhelming in favour when details of the interest of Reynolds and McElhenney was confirmed.
The WST expressed regret it had not achieved its “ultimate aim” of returning the club to the EFL under its guidance but was proud of its record in charge.
A statement read: “The Wrexham Supporters Trust Board is pleased to announce the completion of the sale of Wrexham AFC to RR McReynolds LLC.
“Wrexham Supporters Trust now enters a new chapter, with thought required on the direction we take.
“We urge all supporters to unite behind our new owners, the club and the team as they look to return Wrexham to the heights we have all dreamed of.
“Reflecting on the last nine years, the board is proud of aspects of what the Wrexham Supporters Trust has been able to achieve since taking control of the club in November 2011.
“We are proud to have improved the financial position of the club, with members’ contributions crucial to that. Our average attendance has grown to 5,100, and we are thrilled to have secured the long-term protection of our iconic Racecourse Ground.”
Reflecting the completion of the deal, Deadpool star Reynolds changed his name on Twitter to Wryan and McElhenney renamed himself as Wrob. The pair had previously announced the approval of their bid by making a spoof advert for club sponsors Ifor Williams Trailers.
McElhenney tweeted: “The Wrexham-AFC handover is complete! We’re toasting with a limited-edition bottle of AviationGin and I am rebranding as Wrob. Both of which I am apparently legally obligated to do as I’ve been informed Ryan now owns my life rights. My lawyer is currently looking into it.”
Wrexham tweeted the new owners’ ‘mission statement’, which read: “Invest in a permanent training facility.
“Explore the renovation of the Racecourse Ground.
The announcement came shortly after Wrexham won 2-1 at Altrincham in the National League.
Additional reporting by the Press Association.