Rob Mac (left) and Ryan Reynolds (right) took control of Wrexham in February 2021
Published March 27, 2026 • Source: bbc.com
By Ian Mitchelmore BBC Sport Wales
Wrexham's earning power under Hollywood owners Ryan Reynolds and Rob Mac has been underlined after new accounts revealed record turnover.
The club's latest financial figures showed their revenues jumped by almost a quarter to £33.3m while still in League One.
It is the most the club have earned since Reynolds and Mac took over in February 2021 â and is believed to be a record for clubs in the third tier not boosted by parachute payments.
Yet the new accounts â covering the 2024-25 season where Phil Parkinson's side won promotion to the Championship â also show wages leapt up by 73.6% from the previous year to £19.95m.
And that has contributed to a significant jump in losses to £14.85m, though they remain well inside financial regulations.
Despite the club not directly earning a penny from Welcome to Wrexham, the television documentary which charts the club's fortunes, the series continues to play a pivotal role in the Red Dragons' growth, as evidenced by sponsorship income which increased by more than £4m to £17.34m.
BBC Sport Wales addresses the key talking points to emerge following the release of Wrexham's latest financial accounts.
Continuing growth
The latest turnover figure of £33.3m represents an enormous rise on the £1.48m posted during 2020-21 - the season in which Reynolds and Mac took control of the club.
For context, it is almost three times as much as the £11.2m turnover posted by Charlton Athletic - who followed Wrexham in gaining promotion from League One last season - for the same accounting period.
Even a year earlier, as a League Two club, Wrexham were bringing in more than 20 of the 24 Championship clubs.
Only Sunderland have achieved a higher turnover in the third tier, although their £58.7m figure posted in 2018-19 included Premier League parachute payments.
Birmingham City, who won the League One title last season, are yet to publish their accounts for 2024-25.
The United Kingdom was responsible for 40.5% of Wrexham's latest turnover, which increased by 24.7% from the previous year.
The rest of the world, primarily North America, accounted for 57.7% of the revenue, which is believed to be thanks largely to the continued success of Welcome to Wrexham, which is currently in its fifth season of filming. The remainder came from Europe.
The men's pre-season tour of the United States - where they faced Premier League Bournemouth and Chelsea - and the women's summer trip to Hong Kong were other driving factors in the increased exposure outside of the UK.
As a result, all of Wrexham's revenue streams are growing.
2024-25 revenue split:
Retail - £5,067,604, up from £4,455,431, an increase of 13.7%.
Sponsorship - £17,336,378, up from £13,181,133, an increase of 31.5%.
Matchday - £5,963,118, up from £5,020,216, an increase of 18.8%.
Football (Broadcast) - £3,412,493, up from £3,034,845, an increase of 12.4%.
The numbers are only going to increase in the near future.
Even with a reduced stadium capacity in the current campaign owing to the removal of the temporary Kop Stand at Stok Cae Ras, it is estimated Wrexham will report a turnover of between £46m and £50m for the year ending June 2026, such has been their continued growth in the Championship.
Promotion to the Premier League would provide the platform for the above numbers to surge to new heights.
Promotions cost money
Wrexham finished second in League One in 2024-25 to secure a third successive promotion under manager Parkinson.
Naturally, moving up to the second tier comes at a financial cost.
Staff numbers increased from 255 to 313, and player acquisition was a key driver behind a steep wage bill rise.
On the back of being promoted from League Two in 2024, Wrexham signed players including Mo Faal from West Bromwich Albion, Ollie Rathbone from Rotherham United and Seb Revan from Aston Villa for significant sums.
They also recruited Jay Rodriguez, Sam Smith and Ryan Longman in the 2025 January window to supplement their push for automatic promotion.
Their wage bill - which includes playing and non-playing staff in addition to bonuses - soared by 73.6% from £11.13m to £19.95m.
As a result, Wrexham's losses rose significantly from £2m in 2023-24 to £14.85m last season.
But the losses are perhaps not as huge as first meets the eye.
The operating loss includes bonuses paid to players and staff for achieving promotion into the second tier.
It also includes an exceptional write-off of £3.76m with UK-based bank Argentex.
In July 2025, Argentex suspended all client trading activity and entered special administration.
While the timescale remains uncertain, Wrexham expect to recoup a significant chunk of that loss via administrators further down the line.
The club also paid, at "market rates", £2.62m to Maximum Effort and £1.37m to More Better Productions - owned by Reynolds and Mac respectively - for their significant contributions to the club's sponsorship and marketing growth.
Future-proofing
Despite an unprecedented rise, Wrexham are continuing to look up.
Improving their iconic Stok Cae Ras home is viewed as a "key enabler of both sporting and commercial success".
The Kop Stand - which will house 7,500 fans, taking the stadium's total capacity to more than 18,000 - is due to be completed in early 2027.
Earlier this season, the club spent £480,000 to purchase land from Wrexham University and Welsh Ministers to undertake the development. It has also been confirmed that the stand will cost £69.3m to construct.
Wrexham received a £17.35m Government grant in 2023 to help fund the costs of developing their stadium.
Once upgraded, the stadium will be capable of hosting competitive Welsh national team fixtures and Uefa-recognised matches, which in turn will boost revenue further.
The future-proofing extends well beyond their home stadium, though.
Wrexham state the "development of a strong youth player pipeline remains a strategic priority" while they confirmed the search for a suitable permanent first-team training facility "remains ongoing".
To aid the club's expansion, co-chairmen Mac and Reynolds have sought external investment.
During the 2024-25 accounting period, Wrexham sold a minority club stake to the Allyn family, who owned global medical device company Welch Allyn for more than a century.
Midway through the current season, Apollo Sports Capital (ASC) became minority investors in the club - with their funds helping to finance the stadium redevelopment.
Some of their cash input was also used to repay a loan of £27.5m owed to the R.R. McReynolds Company, LLC - owned equally by Mac and Reynolds.
It means Wrexham are currently free of all shareholder loans, as they were at the end of the 2024-25 financial period.
The club did not rule out of the possibility of further future external investment.
The strategic report states: "Additional partners will be considered where they can demonstrably add value and support to the delivery of the club's strategic objectives."
And, pertinently to both Wrexham fans and perhaps some of rival clubs, the Red Dragons have no concerns with their current position regarding Profit and Sustainability Rules (PSR).
Championship teams can lose up to £41.5m over a rolling three-year period. Wrexham lost £2.7m in 2023-24 and £14.85m a year later - leaving room for losses of about £24m for the current season.
But such has been their vast income, the Red Dragons are satisfied with the headroom they currently have.
The only way is up?
The club's women's side - now permanently based at The Rock in Rhosymedre - are going from strength to strength having already won the Adran Trophy for the first time this season.
Jenny Sugarman's team are also in pole position to win the Adran Premier title - which would earn the side a spot in next season's Champions League qualifying phase.
As for the men's side, Wrexham added 13 new players to their squad during the 2025 summer transfer window, including record signing Nathan Broadhead who joined from Ipswich Town.
The club's summer net spend - north of £30m - put them among Europe's elite.
But their outlay over recent windows has ensured the squad has been highly competitive in what is their first season in the Championship in 43 years.
With seven matches of the regular season remaining, Parkinson's men sit seventh in the table and are only outside of the play-off places on goal difference.
Many scoffed at Mac and Reynolds when they boldly outlined their ambitions to take Wrexham into the Premier League when they took over the then-National League side little more than five years ago.
As things stand, few would bet against them achieving that goal following what has been an astonishing rise for the club.