Writing in his autobiography, Smith described 2004–05 "the most harrowing, distressing footballing time of my life" as the club entered administration with debts of £2.6 million. Wrexham became the first club to be deducted 10 points for entering administration and were subsequently relegated from League One, eight points short of safety despite new signing Juan Ugarte scoring 23 goals. Despite the financial trouble Wrexham managed to win the Football League Trophy, knocking out Notts County, Stockport County, Chester City, Hereford United and Oldham Athletic en route to the final against Southend United at the Millennium Stadium. The final was settled in extra time, with Ugarte and Darren Ferguson securing a 2–0 victory. The club earned £250,000 in prize money and the first national trophy in Wrexham's history.