Nottingham Forest have posted an operating loss of almost £65m in their latest set of accounts. 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”. Here’s a breakdown of the key figures you need to know. Substantial Pre-Tax Loss Recorded – The club posted a loss before tax of £78.9m for the 2024/25 period. This is a significant swing from the £12.1m profit reported in the previous financial year. Operating Losses Show Slight Improvement – Operating losses stood at £64.9m, which is a marginal decrease from the £73.3m loss recorded the year before. The club attributes the continued deficit to heavy investment in “elite talent” to remain competitive. Record-Breaking Revenue Growth – Total revenue climbed to an all-time high of £221.7m, up from £189.6m in 2024. This growth was driven by a successful 7th-place Premier League finish and strong commercial expansion. Marinakis Wipes Out Significant Debt – Owner Evangelos Marinakis converted £89m of parent company loans into equity during the financial year. This move effectively cleared the debt from the books and improved the club’s balance sheet. Massive Investment in the Playing Squad – Administrative expenses rose to £271m, largely due to increased player amortisation costs. The club spent upwards of £180m on 11 new signings. Successful On-Field Performance Impact – The accounts highlight a “hugely successful” campaign where the club finished 7th and reached an FA Cup semi-final. This performance secured European football for the first time in 30 years and boosted merit payments. Squad Value Viewed as a Financial Safety Net – Directors noted that the market value of the first-team squad far exceeds its “carrying value” in the accounts. This means player sales remain a viable source of liquidity if the club needs to raise quick cash. Ongoing Commitment from Ownership – The conversion of debt to equity is described as a “clear signal” of Marinakis’s long-term dedication. The board expects this continued financial support to provide further success and stability in the coming years. Key Future Risks Identified – The report outlines several risks the board must manage, including maintaining Premier League status and cash flow. It also notes the importance of complying with football governing bodies’ financial regulations (PSR). Read the full story here: www.nottinghampost.com/sport/football/football-news/nottingham-forest-accounts-marinakis-2025-10887386