Wrexham owe $11m to celebrity owners Reynolds, McElhenney،
Wrexham, the Welsh team bought by Hollywood actors Ryan Reynolds and Rob McElhenney in 2021, published its accounts for the last financial year on Thursday and announced that the amount owed to the two owners/celebrities was almost £9 million ($11.4 million). .
This is an increase from £3.7 million ($4.67 million) the previous year, ending June 2022.
– Stream on ESPN+: LaLiga, Bundesliga, more (US)
While the club said turnover had increased from almost £6 million ($7.5 million) to £10.5 million ($13.3 million) and the outlook were positive, losses increased from £2.9 million ($3.66 million) to £5.1 million ($6.4 million).
Reynolds and McElhenney bought Wrexham, one of the oldest soccer clubs in the world, for $2.5 million when the team was playing in the fifth tier of English soccer.
They have since been promoted to the English Football League and are bidding for back-to-back promotions, which would take the team to third tier in League One.
Wrexham are third in League Two ahead of a home game against leaders Mansfield on Friday. The top three teams at the end of the season are automatically promoted and the next four compete in the playoffs for a final promotion spot. Wrexham are three points clear of fourth-placed MK Dons with a game in hand.
Wrexham said the club's losses were “deemed necessary to enable the club to maximize its full potential in the shortest possible time”.
“The club is under no immediate pressure to repay these loans at the expense of the progress we seek to make,” Wrexham said, “and additional financial support will be provided/guaranteed to support the capital expenditure projects that the club club is currently planning.”
These plans include increasing the capacity of its Racecourse Ground stadium. Wrexham regularly hosts crowds of over 10,000, more than three times the number of spectators before the takeover and a remarkable figure for a fourth-tier team.
“The financial losses suffered by the club since the takeover are unlikely to be repeated,” Wrexham said, “with the income generated by the club now being sufficient to cover the operational costs of the club in the future.”
Wrexham pointed to the “continued popularity of 'Welcome to Wrexham'” — the stunning documentary charting Reynolds and McElhenney's progress as football owners — and more money being made in the EFL as reasons to predict the figure business. will continue to grow.
