Fan’s owned Wrexham Football Club declare another profit

Wrexham Football Club are doing well both on and off the pitch, being 4th in the league and hunting promotion – as well as declaring a profit in the latest set of financial results.

Fans took over the club back in 2011 with the club being sold for just £1 after a protracted period of difficulty with several owners appearing more focussed on the stadium land rather than the football club.

As we noted at the time revelations revealed the true cost of purchasing the ‘club for a quid’ , as it seems for that pound coin the WST took on debts in the region of half a million pounds plus a club making an ongoing loss. Overheads and wages were reported at running at 131% of income.

From that tough position the club have moved to profitability and stability under the fan ownership model, all three being a rarity in the football world.

Today Wrexham AFC said for the period 2016-2017 their turnover had increased from £2.1m to £2.6m, returning a profit before depreciation and amortisation of £150,000 against a budgeted loss of £70,000, the second profit posted in the last three financial years.

The club said: “The financial statements also mark the first year where we have assumed operational control of the Racecourse Ground and therefore additional revenue and expenditure items are reported, including an increase in the number of employees.”

“The club did benefit from transfer fee income and these have been recorded in the profit and loss account at their full value, but supporters will notice the increase in trade debtors on the balance sheet, and this reflects that part of the payment of the transfer fee income not due until the current financial year.”

“This, along with additional stadium income towards the end of the Financial Year, allowed the club to prepare for the current campaign, where we sit in a healthy fourth position ahead of a busy Easter weekend of fixtures.”

The total invested by the fans is also mentioned, with over £1,000,000 being ploughed into the club by the owners – the fans – over the six years of supporter ownership.

An AGM is taking place on April 12th where a full presentation will be given to club members, with an additional ‘trading update’ to cover the period from the end of the accounting timeframe to date.

full presentation of the financial statements will take place alongside and the Annual General Meeting, to be held on Thursday 12th April, together with a trading update on the current season along with the financial report from WST Assets Ltd that holds the century long lease to the Racecourse.

Wrexham play twice this Easter bank holiday, away in Bromley tomorrow afternoon, but for those not up for travelling you can catch the reds on our promotion push on Bank Holiday Monday at 3pm when Boreham Wood come to town.