Nottingham Forest accounts analysed: £71m loss, Ange pay-off, and another big departure needed? | OneFootball

Nottingham Forest reported a record £71.1m loss for 2024-25 despite revenue passing £200m. Rolling three-year pre-tax losses hit £130m, but with permitted deductions and the standard £105m limit now applying after three seasons up, they did not fall foul of domestic PSR.

According to The Athletic, Forest were projected to breach UEFA’s football earnings rule and the 70 per cent squad cost cap. Penalties range from fines to settlement agreements, and unless they win this season’s Europa League they will not be in UEFA competition in 2026-27.

Operating losses narrowed to £57.1m, the eighth best underlying result on recent Premier League figures. Player-trading profits collapsed from £100.5m in 2023-24 to £7m last season, off £15.9m of sales.

TV income rose by almost £30m after a 10-place leap, commercial revenue increased £9.4m, and matchday income reached £20.4m. A City Ground expansion to 52,000 seats was unveiled in December.

The wage bill was £168.3m, up one per cent, and Forest finished seventh with only the 10th most expensive staff. Wages equalled 76 per cent of turnover, a marked improvement but still above the 70 per cent target.

Transfer spend totals £383.1m across three seasons, with another £208.5m committed between July and December 2025. A £2.9m gap between two post-June disclosures would appear to be the cost of ending Ange Postecoglou’s brief tenure. With £52.5m of sales between July and December against outlay well above £200m, and Elanga’s fee trimmed by a Manchester United sell-on, another major sale this summer would not surprise.

Source: NY Times