FILE - The low-level Welsh club which has gained global recognition after being bought by Hollywood duo Reynolds and Rob McElhenney, will play English Premier League side Chelsea on July 24. (AP Photo/Jon Super, File)
Canadian actor Ryan Reynolds is feeling the financial strain of owning a soccer club. The Welsh team Wrexham, purchased by Reynolds and fellow Hollywood actor Rob McElhenney in 2021, has revealed its latest financial figures. According to the released accounts, the club owes the celebrity owners nearly 9 million pounds ($11.4 million).
This amount marks a significant increase from the previous year's debt of 3.7 million pounds ($4.67 million), as reported for the financial year ending June 2022. Despite a rise in turnover from nearly 6 million pounds ($7.5 million) to 10.5 million pounds ($13.3 million), the club's losses also surged from 2.9 million pounds ($3.66 million) to 5.1 million pounds ($6.4 million).
Reynolds and McElhenney acquired Wrexham, one of the oldest soccer teams globally, for $2.5 million while it was competing in the English game's fifth tier. Since then, the club has progressed to the English Football League and is striving for consecutive promotions, aiming to reach the third-tier League One.
Currently positioned third in League Two, Wrexham faces a crucial match against league leader Mansfield. The top three teams earn automatic promotion, while the subsequent four teams compete in a playoff for the last promotion spot. Wrexham holds a three-point lead over fourth-place MK Dons with a game in hand.
The club attributes its increased losses to necessary investments aimed at maximizing its potential in a short timeframe. Despite the mounting debt, Wrexham insists it faces no immediate pressure to repay loans that could impede its progress. Additional financial support is expected to facilitate ongoing capital expenditure projects, including stadium expansion.
One such project involves increasing the capacity of the Racecourse Ground stadium, which has seen attendance soar since Reynolds and McElhenney took ownership. The club now regularly attracts crowds exceeding 10,000 spectators, a stark contrast to pre-takeover attendance figures for a fourth-tier team.
Wrexham expresses confidence in its ability to meet operational costs going forward, citing the popularity of the documentary "Welcome to Wrexham" and increased revenue from participating in the EFL. It anticipates continued growth in turnover as a result.
Reynolds and McElhenney's venture into soccer ownership has garnered widespread attention, with their involvement in Wrexham captivating fans and spectators alike. Despite the financial challenges, the duo remains committed to supporting the club's progress and achieving its long-term objectives within the sport.
