Forest losses top £200m as club reports another year in the red

Nottingham Forest have reported a loss of £15.5m for the year ending June 2021, bringing total losses over the £200m mark.

The newly-filed reports show that Forest borrowed almost £15m during the period to fund its day-to-day losses, as matchday revenue was decimated because of fans being shut out during the pandemic. Ticket sales dropped from £7m in 2020 to just £1.2m last season.

The accounts also reveal that Forest claimed £1m in furlough payments during the period.

Forest’s wage bill dropped slightly, but the club was still paying £202 for every £100 it earned. The average weekly wage was £16,000.

The club spent £3.8m on players during the 12 months and benefited from player sales of just under £15m.

Forest say the pandemic cost the club some £28m. The club has now lost £55m over the past three years.

In a statement, Forest owner Evangelos Marinakis said: ““The owners remain committed to the long-term future of the club and its funding. The board sees remaining within the discipline of the EFL’s Profitability and Sustainability Rules to be a high priority which is even more challenging following the pandemic.”