By Gareth James
Wrexham’s dependence on their American owners has been laid bare after it was revealed the club now owe nearly £9 million to Hollywood pair Rob McElhenney and Ryan Reynolds.
The club lost £5 million in the year of their promotion to League Two last season.
Wrexham's owners Ryan Reynolds and Rob McElhenney have more than doubled their investment in the side as turnover and losses rise ⚽#BBCFootball pic.twitter.com/uw3kAM05m1
— BBC Sport Wales (@BBCSportWales) March 28, 2024
Turnover, however, doubled to almost £10.5m and Wrexham said financial losses suffered since McElhenney and Reynolds’ takeover in February 2021 were unlikely to be repeated due to the income now generated by the club.
“The amount owed to The RR McReynolds Company, LLC (owned by McElhenney and Reynolds) at the year-end was £8.977m (2022: £3.714m),” read a Wrexham statement.
“The financial losses suffered by the club since the takeover shouldn’t be repeated, with income generated by the club now sufficient to meet the operational costs of the club going forward.
“These losses were deemed necessary to allow the club to maximise its full potential in the shortest time practically possible.”
https://twitter.com/philblanche/status/1773387556979126441?s=20
Wrexham, now competing in the fourth tier of the Football League, added: “The club is under no immediate pressure to repay these loans at the expense of the progress we seek to achieve and further financial support will be provided/secured to support the capital expenditure projects the club is currently planning, which includes increasing the capacity of The Racecourse Ground and the development of a training facility for all the club’s teams.
“The year-on-year income comparisons since the takeover, show the potential of the club.
“These will significantly increase again for the year ending June 30, 2024, following promotion and the continued popularity of Welcome to Wrexham.”
Wrexham ended a 15-year absence from the EFL last April by winning the National League.
Since buying Wrexham in 2021, McElhenney and Reynolds’ investment has helped lift the team back into the fourth tier, while bringing global recognition to the club via a Disney television documentary series.
Lots of interest in Wrexham’s accounts to June 2023.
Worth noting the EFL’s new £935m Sky rights deal kicks in from next season.
L1 and L2 clubs stand to be 25% better off in terms of guaranteed broadcast revenue #WxmAFC pic.twitter.com/qYa11X0ltu
— Nathan Salt (@NathSalt1) March 28, 2024
