Wrexham: Ryan Reynolds and Rob McElhenney increase investment as turnover and losses rise
Last updated on .From the section Wrexham
Wrexham's Hollywood owners Ryan Reynolds and Rob McElhenney have more than doubled their investment in the League Two side.
The Racecourse club say the high-profile pair increased their funding from almost £4m to £9m last season.
Wrexham say turnover almost doubled to £10.5m while losses increased by £2.2m between 2022 and 2023.
"The year-on-year income comparisons since the takeover, show the potential of the club," read a club statement.
The club confirm the money owed to the ownership group had increased from £3.71m to £8.98m.
The figures cover the period where the men's side won the National League title while the women's side won promotion to Welsh football's top-flight.
Wrexham say turnover jumped from £5.97m to £10.48m while still in non-league.
According to Deloitte's most recent annual review of football finance, that was greater than the average League One club's revenue in 2022 (£9.2m).
Similarly, Wrexham say their wage bill increased from £4.05m to £6.91m - with £6.8m being the League One average in 2022.
Wrexham - whose men's side are currently third in League Two and women's team are third in the Adran Premier - have announced huge increases in income across numerous sectors following the takeover by Reynolds and McElhenney in February 2021.
Retail income rose from £1.303m in 2022 to £3.430m in 2023 while funds generated through sponsorship and advertising increased from £1.053m to £1.883m over the same period.
Wrexham also attribute the rise in football revenue - from £0.53m to £1.31m - to their "success in the FA Cup", which included wins over Blyth Spartans, Oldham Athletic, Farnborough and Coventry City before a fourth-round replay exit to Sheffield United.
The club's payroll rose by almost £3m, from £4.05m in 2022 to £6.91m in 2023.
Their losses increased from £2.91m in 2022 to £5.11m in the year ending 30 June, 2023.
However, Wrexham state the greater income currently generated by the club means recent losses should not be repeated.
A club statement read: "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."
It added: "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.
"These will significantly increase again for the year ending June 30, 2024, following promotion and the continued popularity of Welcome to Wrexham."
