Nottingham Forest
Nottingham Forest have already dipped into John Textor’s multi-club network for Igor Jesus and Jair, but fresh details from Brazil now raise wider questions about how those moves were structured.
The Premier League side signed both players after they had initially been involved in complex operations between Botafogo and Lyon, two clubs under Textor’s Eagle Football umbrella. Reports from O Globo outline a system that helped liquidity in Brazil but left the French side carrying significant debt.
Nottingham Forest’s role, therefore, sits at the end of a chain rather than the start of it. However, the pricing and timing of both deals now look more notable.
How Igor Jesus’ path led to Forest
Igor Jesus was first sold by Botafogo to Lyon for €35m (£30.2m). That figure never reflected a straightforward transfer – in fact, he never even signed or played for the French side.
Instead, Botafogo anticipated the future payments through a financial fund, receiving €31.4m upfront (£27.1m). From that, €18.4m (£15.9m) was redirected to Lyon to support their cash flow.
However, Lyon “failed to meet part of their obligation”. A €14.3m (£12.3m) payment due to the fund in November 2025 went unpaid, which has since led to a recent legal action in England.
Nottingham Forest then entered the picture. They signed Igor Jesus for €19m (£16.4m), a fee €16m lower than the initial Lyon valuation.
From a sporting perspective, the Brazilian forward had shown promise at Botafogo. He scored regularly in 2025 and offered physical presence and mobility across the front line.
Still, the drop in valuation suggests the earlier €35m figure was driven more by financial engineering than market demand.
Jair deal follows similar pattern
John Textor
Rio de Janeiro-Brasil, 11 de setembro de 2025 Copa do Brasil Botafogo e Vasco no estádio Nilton Santos John Textor PRESIDENTE bOTAFOGO FUTEBOL CLUB
Jair’s situation mirrors that structure closely. The centre-back was sold by Botafogo to Lyon for €20.9m (£18.0m), as part of a combined deal that also included midfielder Savarino.
Again, Botafogo anticipated payments, receiving €21.8m (£18.8m) upfront and sending €12.5m (£10.8m) onwards to Lyon. Jair was never close to join the French club.
Later, Nottingham Forest secured the defender for €11m (£9.5m). That is roughly €10m below the earlier internal valuation.
Jair had been developing into a reliable defender in Brazil. Across the 2025 season, he combined strong aerial numbers with consistent defensive actions, including clearances and duels won.
His profile fits the Premier League physically, which likely explains Forest’s interest despite the unusual financial trail behind him.
Nottingham Forest payment details add new layer
Further details from the fresh report help explain how Nottingham Forest’s involvement fits into the wider picture.
The report states that Botafogo received €23m (£19.9m) from Forest on June 4th, 2025. The very next day, €25.5m (£22.0m) was loaned to Lyon.
That incoming payment from Forest was not tied to a single deal. Instead, it covered multiple operations. Of the €23m, €19m related to Igor Jesus, €3m to Jair, and €1m to Cuiabano.
However, those figures do not fully match the final transfer values. Igor Jesus was ultimately sold for €19m (£16.4m), while Jair’s deal reached €11m (£9.5m). Cuiabano’s move was worth €4m (£3.4m).
In addition, the €23m package also helped balance other Botafogo operations. That includes the arrival of Danilo and the departure of goalkeeper John.
Another key detail stands out. By the time this transaction took place, John Textor was no longer in charge at Lyon. In theory, the shared cash model had already ended. Even so, money continued to flow between the clubs.
Botafogo also still claim to be owed significant amounts by the French side, which adds further uncertainty to the overall structure.
What this means for Nottingham Forest
Evangelos Marinakis
Nottingham Forest’s involvement does not appear to be part of the original financial structure. Instead, Evangelos Marinakis only capitalised on opportunities once the internal Eagle transactions had already taken place.
Even so, the contrast in valuations is striking. Both Igor Jesus and Jair arrived in England for significantly reduced fees compared to their earlier “paper” prices.
That could work in Forest’s favour. Lower entry costs reduce risk, especially for players adapting from Brazilian football. At the same time, the background of these deals highlights the complexity of operating within multi-club ownership models.
🇮🇹 Lorenzo Lucca | “No one could stand him”
➡️ Italian criticism going over the top
✂️ Nottingham Forest loanee even targeted for using a different hairdresser to other players…https://t.co/tOTVIKCm5p #nffc
— Sport Witness (@Sport_Witness) March 10, 2026