This week’s depressing word from Wrexham is that the team’s financial condition has gotten worse, with a whopping $11.4 million still outstanding to famous owners Ryan Reynolds and Rob McElhenney. Even though turnover increased to $13.3 million in the most recent fiscal year, the club reported losses of $6.4 million. Wrexham said that the losses were essential to the club’s expansion and that they have plans to secure additional funding to keep moving forward. The group is working hard to get promoted from League Two to League One right now.
The club reported better future prospects and an increase in turnover from roughly 6 million pounds ($7.5 million) to 10.5 million pounds ($13.3 million), but its losses went from 2.9 million pounds ($3.66 million) to 5.1 million pounds ($6.4 million).
When Wrexham was in the fifth division of the English football league, Reynolds and McElhenney paid $2.5 million to acquire one of the oldest soccer teams in the world.
After that, it was promoted to the English Football League, and now it is vying for two promotions in a row, which would propel the team to League One’s third division.
Before playing leading Mansfield at home on Friday, Wrexham sits third in League Two. At the end of the season, the top three clubs receive automatic promotions, while the remaining four teams compete for one final position in the playoffs. With a game remaining, Wrexham is three points ahead of MK Dons in fourth place.
“Deemed necessary to allow the club to maximize its full potential in the shortest time practically possible,” according to Wrexham, were the club’s losses.
Wrexham stated, “More funding will be provided/secured to support the capital expenditure projects the club is currently planning. The club is not under any immediate pressure to repay these loans at the expense of the progress we seek to achieve.”
