Nottingham Forest have posted their accounts for the year ended June 30 2025
13:42, 26 Mar 2026
Nottingham Forest owner Evangelos Marinakis at the City Ground
View Image
Nottingham Forest owner Evangelos Marinakis at the City Ground(Image: PA)
Nottingham Forest’s most recent set of accounts show the club posted an operating loss of almost £65 million, converting to almost £79m before tax.
For the year ended June 30 2025, the Reds recorded an operating loss of £64.9m - compared to £73.3m for the previous year. That converted to a loss before tax of £78.9m, compared to a £12.1m profit in 2024.
The accounts published on the Companies House website show Forest posted record revenues of £221.7m. That is an increase on the figure of £189.6m in 2024 and the figure of £154.8m in 2023, which the club largely attribute to merit payments from the Premier League and "strong commercial growth".
The Reds enjoyed a fantastic 2024/25 season, their third back in the Premier League following promotion in 2022. They finished seventh in the table to qualify for Europe for the first time in three decades and they also reached the semi-finals of the FA Cup.
*JOIN US ON FACEBOOK!Get all the Nottingham Forest latest via our Facebook page*
In the summer of 2024, 11 signings were made while defenders Ola Aina and Willy Boly signed new deals. Among those added to the squad during that transfer window were midfielder Elliot Anderson and centre-back Nikola Milenkovic, who went on to play key roles last term and have been just as important this time around.
The club’s strategic report outlining the latest accounts states: "Administrative expenses have increased to £271.m (2024: £250.2m). The main driver being increased amortisation following the investment post the 2023/24 season. The club's recruitment saw further investment by the ownership to ensure the club were able to attract elite talent to give the team the best opportunity to compete in the Premier League.
"The operating loss for the year was £64.9m (2024: £73.3m loss) converting to a loss before tax of £78.9m (2024: £12.1m profit) after interest and profit on disposal of players. The balance sheet has improved in the year to a net liabilities position of £5.2m (2024: £5.4m) despite the loss reported for the year due to the conversion of £89m parent company debt to equity.
England's 2026 World Cup kits
This article contains affiliate links, we will receive a commission on any sales we generate from it. Learn more
Content Image
Various Prices
England Official Store
Buy Now on England Official Store
England and Nike have launched the new home, away and goalkeeper kits to be worn at this summer's FIFA World Cup.
"The key potential risks for the club's board to manage are as follows: First team performance and the direct impact on league status, position and revenue generation; recruitment and retention of players and key staff; supporter attendance levels at first team matches; negotiation of key commercial contracts; compliance with the rules and regulations of the applicable football governing bodies; health & safety considerations, including terrorism threats arising from operating a sporting venue; cash management in line with available working capital.
"First team performance can have a significant impact on other key areas of risk, so investment in the playing squad and academy continues to be a priority within the financial and regulatory constraints within which the club operates. The board have systems in place to monitor the risks and uncertainties and take corrective action when required."
Since taking over the Reds in 2017, owner Evangelos Marinakis has regularly converted loans into equity, to take the debt off the club. In January 2025, he converted £72m of debt to equity, and a further £17m in June of last year.
Forest say the move is a “clear signal of the continued commitment to the club”. Additionally, it is indicated Marinakis is prepared to continue to invest in the playing squad, having splashed out upwards of £180m on new signings last summer.
The report included in the accounts adds: “The 24/25 season proved to be a hugely successful and exciting campaign, finishing 7th in the Premier League and qualifying for European football for the first time since the 1995/96 season. The retention of a number of high-profile players, as well as adding to the already talented squad resulted in this fantastic achievement. The investment from ownership since 2017 has been vital to the club’s success, and the ongoing support is expected to provide further success in the long-term future.”
Nevertheless, player sales remain a way to raise funds if required. The report states: “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.”
Article continues below
What do you make of Forest's latest accounts? Click HERE to have your say