“The Directors do not feel we are anywhere near reaching the ceiling of the club’s potential yet”

Wrexham AFC’s turnover is up 404% with a reported ‘predicted’ loss of £2.9m, as the latest set of accounts are made public by the club.

The Directors point to last year when they said the “enhanced commercial activities” would only become visible in this new reporting period, “An increase in turnover to C5.972m, just over 400% from the previous 12 months adequately demonstrates that prediction to be true. The directors do not feel we are anywhere near reaching the ceiling of the club’s potential yet.”

The mission statement issued on takeover is also referenced, “Our annual reyiew of performance revealed that the principles that form it, remain current and continue to guide our journey as custodians of the club”.

The significant acquisition of the freehold of the Racecourse is detailed, pointing out the Directors “satisfied themselves that the disposal to the club was consistent with the views of the majority of fans and the club voluntarily included covenants on the transfer that will ensure football remains the primary activity at the Racecourse Ground until at least 2115.”

The loss of £2.9m is labelled ‘disappointing’ but ‘predicted’ despite the increased turnover, and explained, “…we invested heavily in a playing squad with the ambition of gaining promotion to the EFL. As the record books show, we fell just short, eventually losing to Grimsby Town in extra time of the play-off semi-final. It was described as a ‘game for the ages’ but the disappointment of the defeat only served to strengthen the collective resolve to gain promotion at the end of the 2022/23 season and to provide the financial support required, to give the club the best chance of achieving this.”

The R.R McReynolds Company LLC subscribed for an additional £1.2m of shares during the reported period and provided £3.67m of loans to the club, “There is no immediate pressure to repay these loans that funded the purchase of the Racecourse Ground and stadium improvements.”

On a wider view the Directors add, “The ambition of becoming self-sufficient may well take some time to achieve but remains the objective, however, this desire will not prevent strategic investment where required to deliver success at the earliest possible opportunity. The Directors are committed to this approach, while not putting the club at risk.”

The ‘impact’ of the documentary is set to emerge this time next year in that set of accounts.

The accounts also contains other details, such as the number employed by the club is up from 80 in 2021 to 195 in 2022. The club’s bonus or extra transfer fees and associated obligations on promotion has risen from just £5k to £250k. Indicating the ambition, there is a note that points to similar bonus payments on promotion further to League One and the Championship.

£3.7m of loans that appear effectively from Rob and Ryan are noted ‘attracting interest at 3% over the base rate’, with the interest stated on the period reported at £43k.

A public statement was issued by the club giving a summary of the UK financials below:

The Annual Report and Financial Statements for the 12 months to June 30, 2022 (‘the period’) have been submitted to Companies House.

Turnover for the period was £5.972m, an increase of 404% from £1.478m.

Of the £5.972m turnover, Matchday income accounted for £2.650m, Retail income £1.303m and Sponsorship / Advertising £1.053m.

Football costs in the period were £3.940m, an increase of 294% from £1.340m

The loss for the period was £2.914m.

The R.R. McReynolds Company LLC, introduced £3.670m of loan funding which included the funds to purchase the freehold of the Racecourse Ground and subscribed for equity in the sum of £1.200m.

The Directors have confirmed that they will continue to fund the Club going forward.