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Wrexham, the Welsh team acquired through Hollywood actors Ryan Reynolds and Rob McElhenney in 2021, released its accounts for the last financial year on Thursday and announced that the amount owed to the two owners/celebrities amounted to nearly £9 million ($11. 4 million). .
This is an increase from last year’s £3. 7 million ($4. 67 million) and will end in June 2022.
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While the club said profits had risen from about £6 million ($7. 5 million) to £10. 5 million ($13. 3 million) and the long-term outlook was positive, losses rose from £2. 9 million ($3. 66 million) to £5. 1 million ($6. 4). million).
Reynolds and McElhenney bought Wrexham, one of the oldest football clubs in the world, for $2. 5 million, when the team was playing fifth place in English football.
Since then, they have been promoted to the English Football League and are applying for back-to-back promotions, which would take the team to third position in League One.
Wrexham are third in Ligue 2 ahead of a home game against leaders Mansfield on Friday. The top three teams at the end of the season are promoted and the next four advance to the playoffs for a final promotion spot. Wrexham have three things clear about fourth-placed MK Dons with a game in hand.
Wrexham said the club’s losses “were deemed mandatory to allow the club to maximise its full prospects in the shortest time imaginable”.
“There is no immediate pressure on the club to repay those loans at the expense of the progress we are looking to achieve,” Wrexham said, “and more money will be provided/guaranteed for the capital expenditure projects that the club is planning lately. “
These projects are accompanied by the expansion of the capacity of its Racecourse Ground. Wrexham hosts crowds of over 10,000 spectators, more than 3 times the number of spectators there were before the takeover and a remarkable figure for a fourth-tier team.
“The monetary losses suffered by the club since the acquisition will not be repeated,” Wrexham said, “and the profits generated by the club now are sufficient to cover the club’s operating prices in the future. “
Wrexham pointed to the “continued popularity of ‘Welcome to Wrexham'”, the surprising documentary that tracks Reynolds and McElhenney’s progress as football house owners, and the increased money made in the EFL as reasons to expect that turnover to continue to grow. .