Nottingham Forest post £64.9m operating loss as Evangelos Marinakis converts debt to equity | OneFootball

Nottingham Forest posted an operating loss of £64.9m and a £78.9m pre-tax loss for the year to 30 June 2025, despite record revenues of £221.7m.

According to Nottingham Post, the operating loss compared with £73.3m a year earlier, with a swing from a £12.1m pre-tax profit in 2024. Revenue rose from £189.6m in 2024 and £154.8m in 2023, largely due to Premier League merit payments and strong commercial growth.

Administrative expenses increased, driven by higher amortisation following investment after the 2023/24 season to recruit elite talent for the Premier League.

Since 2017, Evangelos Marinakis has regularly converted loans to equity. In January 2025 he converted £72m and in June a further £17m, improving net liabilities to £5.2m from £5.4m.

On the pitch in 2024/25, Forest finished seventh in their third Premier League season since promotion in 2022 to claim a first European berth in three decades. They also reached the FA Cup semi-finals.

The summer 2024 window brought 11 signings, while Ola Aina and Willy Boly penned new deals. Elliot Anderson and Nikola Milenkovic arrived and became key figures last term and have remained important this season.

Ownership funding is presented as ongoing, with more than £180m spent on signings last summer. Backing since 2017 has been credited as vital and is expected to support long-term progress. Player sales remain a potential source of liquidity if required, with directors considering the squad’s market value above its book value.

Source: Nottingham Post