Club 'debt free' after share sale

The club expects to break even in 2009/10 and make a profit thereafter.

Wrexham FC has said it is debt free and owns its own stadium, training ground, land and equipment.

A message posted on the club's official website said owner Geoff Moss had sold his 50% stake to Wrexham Village Ltd, in which he is a major investor.

The club said the company had secured private equity finance to acquire the club development land and hoped student flats would be ready next summer.

The Blue Square Premier club said it had been a "long and difficult road".

The development plan now in place with Wrexham Village will allow the club to stand on its its own two feet Wrexham FC

Wrexham FC went into administration in 2004 with debts of around £4m, before being bought out by a consortium led by local businessman Neville Dickens.

Problems were compounded on the field when the club lost its Football League status at the end of the 2007-2008 season, following relegation.

Last month Wrexham FC announced losses of £940,482 for the year ending June 2008, and forecast similar losses for the next financial year.

However, following the sale of Mr Moss's 50% share - which he bought from Mr Dickens - the club said it no longer had any overdraft or long-term loans.

The club has always said its financial future heavily relied on the development of land around the Racecourse.

The statement added: "The development plan now in place with Wrexham Village will allow the club to stand on its its own two feet, whilst at the same time offering the opportunity for the development to generate sufficient profits to make a major contribution to a new Kop stand, in due course."

It is hoped the first block of flats will be ready for next summer's student intake

The club said it was sorry that redundancies had to be made, but it now expected to break even in 2009/10 and make a profit thereafter.

The statement said a £500,000 loan from former AM Dr John Marek had now been repaid.

It added: "Effectively the losses incurred during the period since administration have been borne by Mr Moss.

"As has always been the case, he has taken the risk on being able to recoup his original investment via the development, whilst leaving the club in a healthier position - the envy of many football clubs across the UK.

"The board of Wrexham Football Club and Wrexham Village would like to publicly thank Mr Moss for his perseverance and his dedication to the club."