Wrexham to announce record turnover

Wrexham are set to announce a record turnover, a loss reduction and all loans paid to its shareholders when the club's accounts are published next week.

The annual report will reveal that Wrexham's turnover reached a record high of £26.725million for the year ending June 30, 2024.

Phil Parkinson led the Reds to a second promotion in a row from League Two in 2023-24 and the turnover, a huge increase on the £10.478m for the previous 12 months, is believed to be a record for any club in the fourth tier.

The popularity of the Welcome to Wrexham documentary, which continued for a third series, and the engagement by its viewers are the biggest factors in the 155% growth, followed by the additional revenue generated from the EFL over those received in the National League.

The loss was £2.729m, down from £5.113m in 2023. Of this loss, £0.824m was incurred as a cost of achieving promotion to League One.

Expenditure, which included wages rising to £11.044m (2023: £6.910m), amounted to £29.454m.

Wrexham Holdings LLC, the shareholder of Wrexham AFC Limited, now has three investors, with Hollywood stars Ryan Reynolds and Rob McElhenney continuing to be the majority shareholders.

The amount repaid to R.R. McReynolds Company LLC was £15.02m and the Club is now free of all shareholder loans.

The report states: "Post 30 June 2024, the Club repaid the monies owed to The R.R. McReynolds Company LLC. This action will help facilitate the raising of funding to meet the costs of the Club's capital projects going forward."

Of the £26.725m turnover, sponsorship revenue increased to £13.181m - up from £1.883m in 2023.

Retail revenue increased to £4.455m (2023: £3.430m) and matchday revenue was up to £5.020m (2023: £3.124m), aided by the temporary stand being installed at the Kop End of The Racecourse.

The geographical split of the turnover saw 52.1% (2023: 24.6%) generated from the Rest of the World, primarily North America, with the United Kingdom 47.5% (2023: 74.8%) and the balance coming from Europe.

Costs include payments made to Maximum Effort, More Better and a contribution towards the costs of marketing the documentary Welcome to Wrexham which helped to deliver the increased sponsorship revenue.

The report states: "The utilisation of the images of both Rob McElhenney and Ryan Reynolds in conjunction with partners and via Welcome to Wrexham is paramount to delivering increased value from the Club's inventory.

"A strategic decision was taken to engage both More Better Industries and Maximum Effort, companies connected with Rob and Ryan to maximise these opportunities, as well as overseeing our partnerships that are US based.

"Payments made to both More Better Industries and Maximum Effort are consistent with those that would be made to other agencies who could offer similar services.

"These payments are identified in this report and both companies significantly assisted us to achieve our record turnover. These arrangements will remain in place while we are achieving the best financial outcome for the Club.

"The ongoing success of Welcome to Wrexham is vital for maintaining/­increasing the Club's profile and as such the Club is making a marketing contribution via Wrexham Holdings LLC to achieve this, the result of which was the significant increase (in part) in turnover in this report.

"With commercial growth a key focus, the directors remain committed to ensuring the Club's soul remains firmly rooted in the local community of Wrexham and are investing in our own Foundation to achieve this.

"Maintaining the progress of the Club on the pitch remains the priority, as it is that momentum which creates the opportunity for continued growth and as such remains the purpose around which all our other activities are focused."

The average league attendance for the 2023-24 season was 11,229 (2023: 9,975), with the capacity at the iconic north Wales stadium increased to 12,868 on December 2023 from 10,771 at the start of the season.

The number of employees increased to 255 (2023: 199) and that includes 33 youth team and female players as a result of the changes made to how these players were registered and retained.