I spent the last few days digging into Wrexham's 2025 financial filings — and the details are wild:

• $44 million in revenue (up from $2M in 2021)

• 58% of revenue now comes from North America

• Headcount has gone from 199 to 313 in two years

• Operating losses of $19.5 million last year ($33M over 4 years)

After buying the club for $2 million in 2021, Ryan Reynolds and Rob McElhenney recently sold shares to Apollo Sports Capital at a $475 million valuation.

But those are just the headline numbers.

Wrexham's financial filings also reveal how much money the club makes off its "Welcome to Wrexham" documentary, why its commercial finances aren't reliant on promotion, and how Reynolds and McElhenney personally make millions every year from the team without taking a traditional salary.

Today's newsletter breaks it all down.

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