Wrexham claims that the income generated presently should prevent financial losses from happening again, even if turnover has risen to about £10.5 million.
According to the club, Wrexham AFC owes its owners, Hollywood celebrities Rob McElhenney and Ryan Reynolds, over £9 million.
After being promoted to the English Football League (EFL), the Welsh team lost £5 million, but since then, their revenue has nearly doubled to £10.5 million.
According to Wrexham, given the revenue the League Two team now generates, financial losses incurred since the takeover in February 2021 by It’s Always Sunny in Philadelphia writer McElhenney and Deadpool actor Reynolds shouldn’t be repeated.
“The financial losses incurred by the club following the takeover shouldn’t happen again, as the club’s current revenue is enough to cover its ongoing operating expenses.
“It was decided that these setbacks would have to happen in order for the team to reach its maximum potential as quickly as feasible.
“Further financial support will be provided/secured to support the capital expenditure projects the club is currently planning, which include expanding The Racecourse Ground’s capacity and creating a training facility for all of the club’s teams. The club is not under any immediate pressure to repay these loans at the expense of the progress we seek to achieve.”
