WHAT HAPPENED?
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Wrexham have released their financial results for the year ending 2023, and have confirmed that they owe Reynolds and McElhenney a total of £8.9 million ($11m). However, they have also made it clear within their statement that they are under "no immediate pressure to repay these loans", with the owners pumping cash into the club to bring them out of the National League and into the English Football League.
THE BIGGER PICTURE
Wrexham have also confirmed that they had a turnover of £10.4m ($13.1m) and a loss of £5.1m ($6.4m), an increase from £2.9m ($3.6m) from last season. They also have increased their wage bill to £6.9m ($8.7m), a figure that outstrips most League One clubs, as they continue their quest to gain promotion once again.
WHAT WREXHAM SAID
Wrexham's statement explained: "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. 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."
WHAT NEXT?
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Wrexham are next in action against current league leaders Mansfield Town this weekend in a huge encounter. A win for Phil Parkinson's side would move them level on points with their opponents, although they do have a significantly worse goal difference.
