Turnover, however, doubled to almost £10.5m and Wrexham said financial losses suffered since McElhenney and Reynolds’ takeover in February 2021 were unlikely to be repeated due to the income now generated by the League Two club.
“The amount owed to The RR McReynolds Company, LLC (owned by McElhenney and Reynolds) at the year-end was £8.977m (2022: £3.714m),” read a Wrexham statement.
“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.”
Wrexham, now competing in the fourth tier of the English Football League, added: “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.”
Wrexham ended a 15-year absence from the EFL last April by winning the National League.
Since surprisingly buying unheralded Wrexham in 2021, McElhenney and Reynolds’ investment has helped lift the team back into the fourth tier, while bringing global recognition to the club via a Disney television documentary series.
Unlike the rest of their League Two rivals, Wrexham’s growing fame in the US allowed Phil Parkinson’s side to go on a pre-season tour of North America which included games against Chelsea and Manchester United.
Wrexham are now chasing a second successive promotion. They are currently third in League Two with seven games to play.