Nottingham Forest have announced an operating loss of £65m for the 2024/25 season, a slight decrease on the previous year’s loss of £73m
Nottingham Forest have announced an operating loss of £64.9m for the 2024/25 season, converting to a loss before tax of £78.9m after interest and profit on disposal of players.
The figure compares to an operating loss of £73.3m for the previous financial year. All 20 Premier League clubs have complied with the Profit and Sustainability Rules (PSR) for the 2024/25 season, which assess financial performance over a rolling three-year period.
A summary of Squad Cost Ratio (SCR) and Sustainability and Systemic Resilience (SSR) will replace PSR from the 2026/27 season.
While Forest remain at risk of relegation this season, the owner Evangelos Marinakis has confirmed he will ‘provide the necessary financial support’ whichever league the club is in and has ‘no intention to recall any loan amounts for at least 12 months’.
The parent company converted £72m of debt to equity in January 2025 and a further £17m was converted in June, ‘a clear sign of the continued commitment to the club’.
The directors also ‘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’.
Average match attendance for the 2024/25 season was 30,064, an increase on the club’s two previous years in the Premier League. And turnover also increased to £222m, up on both the two previous seasons.
Events after the reporting date note the departure of Nuno Espirito Santo and the appointment of Ange Postecoglou, with the net cost of player transfers and staff changes ‘taking into account the applicable levies is £205.6m’. These transfers will feature in the current year’s accounts.
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