Nottingham Forest’s latest set of accounts show the club have recorded a profit after generating £100m from player sales.
For the year ended June 30, 2024, the Reds recorded an operating loss of £73.3m. However, that converted to a profit before tax of £12.1m after interest and the £100m from transfers - described as “profit on disposal of players”. Those figures compare to a £59.6m operating loss for the previous year.
The accounts published on the Companies House website show Forest posted record revenues of £189.6m. That is an increase on the figure of £154.8m in 2023.
For the year up to June 30, 2024, Forest made £100m in player sales courtesy of selling the likes of Orel Mangala (£20m to Lyon), Odysseas Vlachodimos (£20m to Newcastle United) and Moussa Niakhate (£27m to Lyon) last summer. The sale of Brennan Johnson to Tottenham Hotspur for £47.5m on summer deadline day in 2023 would also be included in that figure.
However, in a strategic report published with the accounts, the Reds indicate they are prepared to sanction player sales again, if required, to help balance the books. The club was on the brink of relegation last season after they were hit with a Premier League fine for breaching profitability and sustainability player spending rules.
Administrative expenses have increased from £203.1m to £250.2m. The club say the main reason for that is due to an increase in wages and bonuses for players and first-team coaching staff, as well as the “increased amortisation of players’ registrations”.
Forest add: “Sponsorship and commercial income was up significantly in the year due to the audience and funding that comes with being a Premier League club alongside the increased commercial opportunities.”
Towards the end of the period covered, £82.2m worth of debt was converted into equity. The strategic report, attached to the accounts, indicates this is a sign of owner Evangelos Marinakis’ commitment to the club.
The strategic report states: “On 30th June 2024, the parent company converted £82.2m of debt to equity, a clear signal of the continued commitment to the club. In addition, the directors consider that the market value of the first team squad is in excess of its carrying value in the financial statements with player transfers remaining a source of liquidity if required.”
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In the report, it is made clear the club will continue to invest in the first-team squad and the academy structure. And there is also a clear commitment on redeveloping the City Ground.
The report says: “The club continues to work towards one of its key strategic objectives to redevelop the City Ground to help support the club’s ambitions to compete and thrive in the Premier League.”
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