Wrexham Financial Results 2024/25
Updated: Aug 14
A third straight promotion, a widening loss, and a squad built on equity - no debt.
The 2024/25 season marked Wrexham's third consecutive promotion, completing a rise from the National League to the Championship in just three years — one of the fastest climbs through the English football pyramid in the modern era.
Wrexham spent 15 seasons outside the Football League before returning in 2023, following promotion as National League champions under manager Phil Parkinson. A second promotion followed as League Two runners-up in 2023/24, and a third arrived in 2024/25 with a 2nd-place finish in League One. Parkinson has overseen all three.
The rise has been driven by owners Ryan Reynolds and Rob McElhenney, who acquired the club in 2020/21 through Wrexham Holdings LLC. Their ownership, and the accompanying documentary series Welcome to Wrexham, has turned a fifth-tier Welsh club into one of the most commercially recognised names in English football, with a fanbase and sponsorship reach that extends well beyond north Wales. The Allyn family joined as minority investors in October 2024.
This success hasn't come from significant ownership investment alone — though that had reached close to £40 million by the end of 2024/25. Commercial revenue now ranks among the top 20 in English football, a remarkable achievement for a club only two seasons removed from the National League.
Financial highlights:
A third consecutive promotion. Wrexham finished 2nd in League One, securing an immediate step up to the Championship — a rise from the National League completed in just three seasons.
Turnover hit a new record, but so did the loss. Turnover rose to £33.3 million from £26.7 million (+25%), while the pre-tax loss widened sharply, from £2.7 million to £15.2 million.
Commercial income continues to dominate the revenue base. At £25.3 million, commercial income made up roughly 76% of turnover — an extraordinary proportion for a third-tier club, built on the international reach of Welcome to Wrexham. It now ranks in the top 20 commercial revenues in English football.
Wages nearly doubled to fund the promotion push. Salaries and wages rose 81% to £19.9 million, taking total staff costs to £22.4 million, or 67% of turnover.
Almost no trading income offset the spending. Player sales income was negligible, with the club focused almost entirely on incoming signings rather than trading players out.
The squad was rebuilt on equity, not debt. Wrexham raised £35.8 million in fresh share capital during the year and used part of it to repay £10.7 million of existing loans.
The balance sheet moved positive. Net assets moved from -£8.7 million to +£11.9 million, and the club's net debt position moved to net cash, both on the back of the equity raise.
Stadium re-development continues. A further £9 million invested in infrastructure, including the temporary Kop stand and preparation work for the larger rebuild. This takes infrastructure investment to £20 million in the last four year.
Three club-record signings in one season. Ollie Rathbone and Modou Faal both arrived for club-record fees in summer 2024, before Sam Smith's £2.02 million move from Reading in January 2025 broke the record again.
Financial Outlook
Wrexham’s unique financial model, driven by extraordinary commercial income and a relatively low staff costs-to-wages ratio, places the club in a very strong financial position. It differs significantly from the more typical model of owner-funded investment, where significant debt or equity is used to finance the club in the hope that improved on-pitch performance will follow.
The owners’ strong weighting towards infrastructure investment, with £20 million of the £40 million raised to date spent on facilities, is another testament to their long-term approach. Significant capital has been directed towards building the club’s underlying assets rather than solely funding the playing squad. This investment will grow significantly in the coming seasons, following the approval of the Kop rebuild, estimated to cost around £75 million.
The main caution is that Wrexham also carries high operating costs to support its commercial activities, with operating costs alone accounting for 76% of turnover. While this investment is clearly contributing to the club’s exceptional commercial performance, it will be important to assess how sustainable the model remains, particularly if the club experiences a couple of less successful seasons and its international appeal begins to wane.
Turnover
Revenue is generated from three primary streams: matchday income (ticket sales), central distributions from both the EFL and EPL (in the form of solidarity payments), and commercial activities including sponsorship, merchandising and other business operations.
Wrexham's 2024/25 turnover reached a club record £33.3 million, up from £26.7 million the year before — continuing a remarkable run of turnover growth in each of the last three seasons as the club has climbed from the National League into League One.
Wrexham's total revenue, whilst exceptional for League One, was below Birmingham's due to their greater income from matchdays.
Matchday Revenue
Wrexham's home ground, the Racecourse Ground, has been rebranded STōK Cae Ras under a naming rights partnership with Cold Brew Coffee brand STōK, which took effect from July 2023. A temporary structure at the Kop end lifted capacity to 13,561 during 2024/25, supporting a rise in average attendance to 12,781 from 11,210 the year before.
Matchday income rose to £4.6 million from £3.8 million, an increase of 22%. Revenue per fan also rose, to £14.67 from £12.81, meaning the growth in matchday income came from both a larger crowd and higher average spend per attendee.
Planning consent was approved during the year for a permanent new Kop Stand, with an initial 5,500-seat proposal later enlarged to 7,500 seats — taking total capacity to just over 18,000 once complete.
The new stand is expected to cost in the region of £75 million, with the club itself funding the large majority. Wrexham Council and the Welsh Government have also confirmed £18 million in non-repayable grants toward the project — support the club says is tied to bringing the stadium up to UEFA's standards for hosting competitive international football again, though the public funding has drawn some criticism given the owners' own financial resources. None of this grant funding or the associated construction spend falls within the 2024/25 accounts reported here.
Broadcast Revenue
Broadcast income rose only modestly, to £3.4 million from £3.0 million, reflecting the marginally higher distributions to League One clubs from the EFL's Sky broadcast deal and the Premier League solidarity payments.
Commercial Revenue
Commercial income is where Wrexham stand apart from every club at their level. At £25.3 million, up from £19.9 million, commercial income made up roughly 76% of total turnover — an extraordinary proportion for a third-tier club, and one that reflects the international reach built through Welcome to Wrexham. Over 50% of turnover comes from outside the UK, primarily North America, up from 24.6% the year before.
The 2024/25 season added further sponsorship weight to that base. Front-of-shirt partner United Airlines entered its second season, Meta Quest was announced as back-of-shirt sponsor in October 2024, and kit supplier Macron extended its technical partnership with the club.
Staff Costs
Staff costs comprise salaries and wages, the amortisation of transfer fees (spreading a player's acquisition cost over the length of their contract), and any impairment charges.
Salaries and wages rose 81% to £19.9 million, from £11.0 million — nearly doubling as the club built a squad capable of competing in League One after two promotions in as many seasons. Player amortisation rose 155%, to £2.4 million from £1.0 million, the direct result of Wrexham breaking its own transfer record twice during the year.
Total staff costs reached £22.4 million, or 67% of turnover, up from 45% the year before. The wage-to-turnover ratio rose to 59.8% from 41.3%. This ratio was one of the lowest in the division, demonstrating the strength of Wrexham's commercially driven financial model. Birmingham's staff costs for example, reached 126% of turnover.
Wrexham's total staff costs were less than half of Birmingham's. Their costs were high, but not exceptional for a League One club challenging for promotion.
Salary Cost Management Protocol
League One clubs are governed by the Salary Cost Management Protocol (SCMP) which caps player-related wage costs as a percentage of turnover, with a standard threshold of 60%. Clubs freshly relegated from the Championship are permitted a higher allowance in their first season back at that level, but this does not apply to clubs promoted up from League Two, as Wrexham were.
Assuming around 75% of Wrexham's staff costs were directly football related, Wrexham's staff costs-to-turnover ratio is around 52% well within the 60% limit.
In addition, the SCMP's calculation can also include guaranteed owner funding as additional permitted income and given the scale of this year's £35.8 million equity injection, the club had significant headroom had it been needed.
Profit and Loss
Wrexham reported a pre-tax loss of £15.2 million in 2024/25, up sharply from £2.7 million the year before — more than a fivefold increase. The deterioration shows up at all levels: EBITDA fell to -£11.9 million from -£0.3 million, and operating loss widened to £15.6 million from £2.0 million.
Turnover grew strongly, but costs increased at a higher rate. Operating expenses, which accounted for 76% of turnover, rose to £25.4 million from £16.1 million (+58%). This is exceptionally high for a League One club but is closely tied to their commercial success. On top of this, wages increase by £8.9 million, while player amortisation and depreciation added a further £3.7 million. Player trading offered little this year — Wrexham actually recorded a small net loss on player disposals (-£0.1 million).
Net interest moved from a £0.7 million cost to a £0.4 million credit, reflecting the loan repayments and rebuilt cash reserves funded by the year's equity raise.
Net Assets
Net assets represent the difference between total assets and total liabilities, and correspond to a club's net equity position.
Wrexham's net assets swung to +£11.9 million in 2024/25, from -£8.7 million the year before — the first positive net asset position anywhere in the club's recent history. The turnaround reflects a capital-structure change with a new equity injection of £28.7 million and other reserves from £0 to £7.1 million, which relates to a further equity raise.
Fixed asset spending reached £8.5 million for the year, more than double the £2.9 million spent in 2023/24, reflecting both the temporary Kop stand build and the preparatory spending ahead of a permanent redevelopment of the stadium.
Retained earnings — the accumulated total of the club's losses over time — fell in line with their reported loss, from -£13.1 million to -£28.4 million.
Player Trading
Wrexham spent £8.5 million on player acquisitions in 2024/25, recovering only a negligible amount from sales.
The club broke its own transfer record twice during the year. Ollie Rathbone and Modou Faal both arrived for club-record fees in summer 2024, before Sam Smith's January 2025 move from Reading — reported at £2.02 million, comfortably clearing the £1 million mark for the first time in the club's history — became the new record. All three fees fall within this financial year.
There were no notable permanent departures, another indication of the strength of the club’s financial model. Unlike many ambitious clubs, Wrexham does not need to sell players to meet financial regulations or generate the funds required to support its investment in the squad.
Squad Cost and Net Book Value
A squad's net book value (NBV) represents the acquisition cost of its players, less accumulated amortisation. Wrexham's squad NBV rose sharply to £7.3 million from £1.3 million, directly reflecting the club-record signings made during the year.
Football Net Debt
At the end of 2023/24, Wrexham carried £10.7 million in related-party loans. That debt was repaid in full during 2024/25, funded by the club's equity raise, leaving total loans of just £0.7 million by year end.
With cash reserves of £3.3 million against that small remaining loan balance, Wrexham moved into a net cash position of £2.7 million, from net debt of £9.6 million the year before. Interest income was recorded at £0.4 million, effectively a net interest credit rather than a cost, reflecting loans being repaid and cash balances.
Cash Flow
Cash flows are reported in three categories: cash from operations (revenue less day-to-day running costs), cash from investing activity (player and infrastructure spending, net of sales), and cash from financing (new loans or equity raised, less repayments).
Wrexham recorded a £6.0 million operating cash outflow in 2024/25, a sharp reversal from a £1.8 million inflow the year before, as operating costs increased faster than incoming cash from turnover. On investing activity, the club spent £8.5 million on player acquisitions and £9.0 million on fixed assets — largely the Kop-end capacity works at STōK Cae Ras — for a combined investing outflow of £17.5 million.
To cover this, ownership provided £35.8 million in new share capital, of which £10.0 million was used to repay existing loans, leaving a net financing inflow of £25.7 million. The combined effect left cash reserves higher at year end, closing at £3.3 million, up from £1.1 million.
The five-year picture tells the funding story clearly, with £40 million raised through equity issues. Of this, £4 million was used to cover operating losses, £12 million was invested in player acquisitions and £20 million was spent on facilities. The strong weighting towards infrastructure investment is another testament to the long-term approach taken by the owners, with significant capital being directed towards building the club’s underlying assets rather than solely funding the playing squad.
Reporting Entity
This analysis is based on the entity The Wrexham Association Football Club Limited, for the period 1 July 2024 to 30 June 2025. The company sits within a group structure ultimately controlled by Wrexham Holdings LLC, whose principal investors are Ryan Reynolds and Rob McElhenney.
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