Mr Guterman said the directors were working to improve finances

The chairman of the Second Division club, Mark Guterman, told BBC Radio Wales that allegations it was about to go into administration were "far off the mark."

The report claimed the club, currently in the hunt for promotion, was in difficulty after its players were not paid on time for the third time this season at the end of last month.

It suggested managing director David Rhodes had considered resigning at the beginning of the week.

It was also alleged that unpaid bills had resulted in Racecourse director Dave Bennett having to personally foot the bill of the players' catering costs at the club's training ground for several weeks.

We are no worse off than most Second Division clubs - in fact we are probably better off than a lot of them Mark Guterman

The reports said sightings of former Lincoln City chairman John Reames, a self-made millionaire, at the training ground had led to speculation he was about to join the Dragons.

But Mr Guterman told the sports' programme, The Back Page, that the story was, "so far off the mark...we had to say something."

'Cock-up'

He said the club was, "not on the brink of meltdown" and "a re-financing package" was being negotiated.

Mr Guterman accepted players were not paid on time but said they had now been paid in full: "It's down to a cock-up effectively again which is no good - it shouldn't have happened and I'm annoyed.

"It's obviously unsettling for the players..but as far as I'm concerned, it won't happen again.

"I know of probably 15 clubs at the moment who are going through similar positions who still haven't even paid their players in the Football League.

"I think the problem is, there are tremendous cash flow problems at probably 70-80% of all Football League clubs.

"We are no worse off than most Second Division clubs - in fact we are probably better off than a lot of them."

Mr Guterman said when he joined the club two years ago it had, "major financial problems and was on the verge of going into administration."

But he added: "The club under no circumstances is going into administration which is one of the things we keep hearing from the press - it seems to be the only word on their mouths."

Mr Guterman said John Reames was a friend of his who had attended Wrexham matches with him, but added, "there is no issue at all that he is putting any money in the club and never has been."

He read out a club statement which said Mr Rhodes had not considered resigning from his position.

It also stated Mr Bennett had supplied food while the club's cook was on sick leave but all meals had been invoiced.