Nottingham Forest post £78.9m loss as record revenue hits £221.7m | OneFootball

Nottingham Forest reported a £78.9m loss before tax for the year to 30 June 2025, despite record revenue of £221.7m.

The accounts filed at Companies House show an operating loss of £64.9m, down from £73.3m the previous year. They also note income rising from £189.6m in 2024 and £154.8m in 2023, helped by Premier League merit payments and commercial growth, and mark a swing from a £12.1m pre-tax profit in 2024.

Forest finished 7th in the Premier League and reached an FA Cup semi-final, securing European football for the first time in 30 years.

Owner Evangelos Marinakis converted £89m of parent company loans into equity, removing that debt from the balance sheet and signalling long-term commitment.

Administrative expenses rose to £271m, largely due to higher player amortisation. The club spent upwards of £180m on 11 signings.

The market value of the first-team squad exceeds its carrying value, so player sales remain a potential source of liquidity. Future risks include maintaining Premier League status, managing cash flow and complying with PSR. Continued financial backing is expected to underpin stability and further success in the coming years.

Source: Nottingham Post