Wrexham lost £5m the year they were promoted to the English Football League and now owe Hollywood owners Rob McElhenny and Ryan Reynolds almost £9m.
But turnover has doubled to around £10.5m and Wrexham should avoid repeating the financial losses they have suffered since the takeover of Mr McElhenny and Mr Reynolds in February 2021, thanks to the income generated by the League Two club. It is said that there is no.
“At the end of the year, the amount outstanding to RR McReynolds Company LLC (owned by McElhenney & Reynolds) was £8,977m (2022: £3,714m),” Wrexham's statement said. .
“The financial losses suffered by the club since the acquisition should not be repeated and the income generated by the club is sufficient to cover the club's future operating costs.
“These losses were considered necessary to enable the club to reach its full potential in the shortest possible time.
“The club is not immediately under pressure to repay these loans at the expense of the progress we are trying to achieve, and further finances to support the currently planned capital investment projects. support will be provided/secured. This will include increasing the club's capacity to develop a racecourse ground and training facilities for all of the club's teams.
“The year-on-year revenue comparison since the acquisition shows the club's potential.
“Following the promotion and the continued popularity of Welcome to Wrexham, we expect to see another strong increase in the year to 30 June 2024.”
Wrexham ended a 15-year absence from the EFL by winning the National League last April, with the women's team also winning promotion to Welsh football's top tier.
Loss of £5 million in promotion year
Revenue for the year ended 30 June 2023 increased from £5,972m to £10,478m, while losses rose from £2,913m to £5,113m.
Wrexham's wages increased from just over £4m to nearly £7m, offsetting increases in retail, sponsorship, advertising and football income as the Dragons reached the fourth round of the FA Cup.
The club has received widespread interest around the world following the success of two seasons of the FX documentary series Welcome to Wrexham.
Phil Parkinson's side are aiming for promotion for the second year in a row and currently sit third in League Two with seven games in hand.
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