Nottingham Forest have announced an operating loss of £59.6m for the 2022/23 season, in the club’s first year back in the Premier League, with the Reds currently appealing a four-point PSR penalty
The Profitability and Sustainability Rules (PSR) hearing earlier this month found that the club had exceeded the three-season £61m threshold by £34.5m.
Revenues during 2022/23 increased to £154.8m — an increase of 421% on the previous season — while administrative expenses increased to £203.1m, up from £73.7m.
Playing staff went up from 69 to 84, with wages of all staff increasing from £51.8m to £129.7m
The club stated: ‘The summer transfer window of 2022 saw a significant investment in the First Team to ensure the squad was built for sustained Premier League success with further investment in both the January and summer transfer window in 2023.
‘The main driver behind the significant rise in costs is due to the increase in wages and bonuses for playing Premier League Football. The Club’s recruitment saw a record level of 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. There were also bonuses for both playing and non-playing staff members triggered upon League retention.’
Forest are currently appealing the four-point penalty for breaching PSR, which will be heard before 12 April.
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