Despite their continued success on the field, Ryan Reynolds and Rob McElhenney’s Wrexham team has further increased their debt as they have disclosed their financial statements for the 2023 fiscal year.
Wrexham, led by Rob McElhenney and Ryan Reynolds, has seen a rise in debt in spite of its Football League promotion.
Last summer, Wrexham’s lengthy tenure outside of England’s top four leagues came to an end when Hollywood A-listers helped them break back into the majors. Additionally, Wrexham has made its financial year’s accounts public before the end of the fiscal year.
The Red Dragons now owe just under £9 million, while their loss increased from £2.9 million in 2022 to £5.1 million. “In the season where both the men’s and women’s senior teams achieved promotion, turnover for the year was £10.478m (2022: £5.972m) with the loss increasing to £5.113m (2022: £2.913m),” the statement stated.
“Income was increased across the board, with the most significant with our retail operation reaching £3.430m (2022: £1.303m) and sponsorship/advertising rising to £1.883m (2022: £1.053m). The increase in football revenue of £1.314m (2022: £0.531m) can be attributed to our success in the FA Cup.
“The payroll of the club increased to £6.9058m (2022: £4.050m). The amount owed to The R.R. McReynolds Company, LLC at the year-end was £8.977m (2022: £3.714m).
“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.”
The statement added Wrexham needed to make the losses to maximise their potential on the pitch – and the club is under no immediate pressure to repay the loans.
It added: “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 are currently eyeing back-to-back promotions, with Phil Parkinson’s side sat in third in League Two, and they’re poised to leapfrog second-placed Stockport thanks to their game in hand.
