WREXHAM Football Club is debt free.

The club’s official website declared last night the club now owns its own stadium, training ground, land, buildings and equipment, has no bank overdraft and no long term loans.

“It’s been three years of hard work which was meant to take only 18 months,” said chairman Geoff Moss.

Businessman Moss has just sold his stake in Wrexham FC to Wrexham Village Ltd – a company in which he is a major investor.

He took sole control of Wrexham in 2008 after buying out the 50% stake owned by then chairman Neville Dickens, who stepped down but retained a hands-on position as senior vice-president.

The two wealthy local businessmen were hailed as the club’s saviours when they became co-owners in 2006 to bring Wrexham out of administration, with hopes of wiping out its £4m debts.

Mr Moss said: “Football clubs right across the country are going through extremely difficult times and Wrexham is no different.

“We have had to cut our cloth accordingly and cut our costs, as well as trying to sell far more and we have improved our sales team.”

Not many clubs could say they had money in the bank, he said.

The club says Wrexham Village has secured private equity finance to acquire the club development land, the so-called Dickens land, money for the first 156 student flats to be built next to the Racecourse and to support the club with working capital.

“The flats have started,” said Mr Moss. “We have a tight deadline from the (Glyndr) University and need to be finished by next summer. We were going to do 300 but there was some doubt we could do that in time so we are doing what we know we can.”

The statement from the club says: “The development plan in place with Wrexham Village will allow the club to stand on its own two feet whilst offering the opportunity for the development to generate sufficient profits to make a major contribution to a new Kop stand in due course.

“To this end we are working with local and national bodies to secure the Racecourse as an even more important venue for North Wales.”

Mr Moss said one option was an arena suitable for indoor concerts and big snooker events.

The statement adds: “Drastic cuts have been made in the club’s running costs, which we believe will bring the club to around breakeven for the 2009/2010 season and into profit thereafter.”