Turnover up 75% as Wrexham AFC say ‘losses shouldnt be repeated’ as payroll nears £7m

Wrexham Football Club have detailed their finances in what has become an annual public update and commentary.

The club have announced that last season – where promotion was achieved by both the Men’s and Women’s senior teams – turnover for the year was up 75% to £10.478m (2022: £5.972m) with the loss increasing to £5.113m (2022: £2.913m).

The club says, “Income was increased across the board, with the most significant with our retail operation reaching £3.430m (2022: £1.303m) and Sponsorship / Advertising rising to £1.883m (2022: £1.053m). The increase in Football revenue £1.314m (2022: £0.531m) can be attributed to our success in the FA Cup.

They say the payroll of the Club increased to £6.9058m up from £4.050m the year before.

Possibly indicating extra cash injections, the amount owed to The R.R. McReynolds Company, LLC at the year-end was £8.977m up from £3.714m.

The club’s update points towards sustainability, “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”.

There has been no update to Companies House or other public information accounts, however that is likely in the coming days going off previous years information.