WITH four managers in 2025-26 and a far-from-certain future in the Premier League, Nottingham Forest have had a strange season. Yet they could win a major European prize in the form of the Europa League. Forest face Porto in the last eight of the competition and then they could come up against Midlands rivals Aston Villa, but at the moment, they have to balance their priorities which probably begin with Premier League survival.
Forest’s latest financials reveal a pre-tax loss of £ 71 million in 2024-25, a movement of £ 83 million on the previous campaign in which they made a £ 12 million profit. Earnings totalled £ 222 million, a record for the club and 17% higher than 2023-24, but Forest’s current model generates around a third of the average of the so-called “big six”. At the same time expenses were up to £ 264 million, including a slight increase in wages and higher amortisation, while profits from player sales were down dramatically from £ 100 million to £ 7 million. Only twice in the past 10 years have Nottingham Forest made a profit.
Forest invested in their squad in 2024-25, with the biggest outlay the £ 35 million paid for Newcastle United’s England hopeful Elliot Anderson. As ever, there was a lot of transfer market activity, but there was no Brennan Johnson-type sale, a deal that yielded £ 47 million for Forest in September 2023. Forest’s squad cost £ 314 million which represents a fraction of the cost of squads at the elite clubs. They spent around £ 73 million on players and sales came in at £ 16 million. It should be noted that Forest have had PSR (Profit & Sustainability Rules) restrictions in recent years. But the size of the loss in 2024-25 demonstrates the importance of player trading to clubs like Forest – the profit in 2023-24 was largely attributable to healthy player sales.
The club had 18,240 season ticket holders in 2024-25, slightly down on the previous season, but their average attendances rose to 30,064. Forest are looking to redevelop their stadium and increase capacity to 50,000 which could shift the club’s priorities around cash. Matchday revenue was £ 20 million, a record for the club and 42% up on 2023-24’s £ 14 million. Broadcasting, at £ 158 million, was 21% up, a reflection of Forest’s improved performance on the pitch. Seventh place in the Premier League meant qualification for European competition. Commercial activity contributed £ 46 million, marginally up on 2023-24’s £ 44 million. The wage bill climbed by £ 1 million to £ 168 million, representing 76% of income.
The performance of the team in 2024-25 was impressive, but the coach who took them into Europe, Nuno Espirito Santo, was sacked in early September 2025 after a poor start to the current campaign. Since then, Ange Postecoglou (eight games), Sean Dyche (25 games) and Vítor Pereira have all tried their luck in the dugout. This instability is not necessarily good for any club. Evangelos Marinakis has been the owner since 2017 and who appears to be very hungry for success, but few can deny his commitment to Nottingham Forest. He has often converted loans to equity to take debt off the club. In January 2025, he moved £ 72 million of debt to equity and in June 2025, he converted a further £ 17 million. Football finance experts have long identified the crucial part Marinakis plays in underwriting the club’s sustainability. Essentially, Forest have front-loaded in order to pursue success, but without their owner and benefactor, they would become very vulnerable.
Forest’s progress treads a fine line, but success in Europe and retaining their Premier status are vital for momentum to be maintained. If there is any consolidation in the club experiencing a disastrous end to the season, it is in the advantages they will have over their rivals as they try to win promotion back to th top flight in 2026-27. Of course, it may not come to that.
**Remaining fixtures 2025-26:** April 12 – Aston Villa h, April 19 – Burnley h, April 24 – Sunderland a, May 4 – Chelsea a, May 9 – Newcastle United h, May 17 – Manchester United a, May 24 – Bournemouth.
Game of the People was founded in 2012 and is ranked among the 100 best football websites by various sources. The site consistently wins awards for its work, across a broad range of subjects. [View all posts by Neil Fredrik Jensen](https://gameofthepeople.com/author/georgefjord/)