Nottingham Forest posts £25m loss
Nottingham Forest FC’s pre-tax losses have widened by nearly £20 million, according to newly published accounts seen by TheBusinessDesk.com.
Although the Club has seen its average attendance increase significantly this season, its losses now stand at £25.1 million, up from £5.6 million in 2018. Administrative expenses and the cost of sales were the biggest contributing factors, with the former soaring from £37 million to £51.4 million.
While a big increase in players’ wages appears to have hit the Club hard, Forest’s owners say they “remain committed to the long-term future of the Club and its funding.”
The news follows the departure of finance boss Samantha Gordon on Saturday.
Earlier this month, Forest submitted revised plans for the £100 million redevelopment of the City Ground after a number of concerns were raised by local stakeholders.
As previously reported by TheBusinessDesk.com, the Club formally submitted a hybrid planning application for the scheme in December.
The proposals to expand the Peter Taylor Stand and add a new residential development have been widely tipped to go ahead, but will now be subject to certain key revisions.
The revised plans relate to the residential part of the scheme, which was initially expected to feature 250 units split into two blocks.
According to property agent Savills, following feedback from residents and local sports organisations, the building has been re-designed and re-oriented as a single block “to open up views of the proposed new stand from Pavillion Road and to create a more slender and elegant building fronting Trentside.”
The building, which would be arranged around a central courtyard and reach a maximum of 19 floors, would have a gross floor area of around 18,942 sq m. 57 car parking spaces would be included on the ground and first floors, and the revised development would also be taller than initially planned.
In a covering letter accompanying the revised plans, Savills said: “It is proposed that the tallest element [of the building] be treated as a single tower element, anchoring the proposals along the river. While this assists in defining the proposals as a standalone building the reduced mass fronting the river provides a more elegant and sensitive backdrop for the existing boat club buildings fronting the river.”
The revisions came after Nottingham and Union Rowing Club lodged a significant objection to the proposals and local residents raised concerns about the demolition of the nearby Britannia Boathouse and the scheme’s impact on daylight.
On submitting the plans last year, Nottingham Forest chairman Nicholas Randall QC said the redevelopment project was a “statement of intent” from owner Evangelos Marinakis which emphasised his “long-term commitment to the club and his determination to create the conditions for sustained success.”
