Wrexham lost £5million in the year of their promotion to the English Football League and now owe nearly £9m to Hollywood owners Rob McElhenney and Ryan Reynolds.

But turnover doubled to almost £10.5m and Wrexham say financial losses suffered since McElhenney and Reynolds’ takeover in February 2021 should not 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.

“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, while the women’s team also won promotion to the top tier of Welsh football.

Turnover increased from £5.972m to £10.478m in the year ending June 30, 2023, but losses were up from £2.913m to £5.113m.

Wrexham payroll rose from just over £4m to nearly £7m, offsetting increased income in retail operation, sponsorship and advertising and football revenue due to the Dragons reaching the fourth round of the FA Cup.

The club has attracted widespread global interest following two successful seasons of the FX documentary series Welcome to Wrexham.

Phil Parkinson’s side are chasing a second successive promotion and are currently third in League Two with seven games to play.