Marinakis reaffirms commitment to Reds with £41m debt-to-equity conversion
Nottingham Forest owner Evangelos Marinakis has made a fresh financial commitment to the club by converting £41m worth of loans into shares.
The move to turn the debt into equity demonstrates the shipping magnate’s resolve to see Forest succeed at the highest level of English football. It is expected to significantly relieve the financial burden on the football club.
The step up to the Premier League has understandably seen certain outgoings increase at the City Ground. The club’s wage bill skyrocketed to £24.3m this summer, a hike of around 94%.
In a statement, Forest said details of the debt-to-equity conversion – which pertains to the 2021-22 financial year – had been passed to Companies House.
Marinakis has made similar manoeuvres in the past, turning £12m of debt into equity in 2020-21 and doing the same with over £20m in 2019-20.
Forest’s chairman Nicholas Randall KC said: “Nottingham Forest is incredibly fortunate to have such generous financial support from its ownership.
“This latest financial commitment follows substantial spending on the playing squad in the Summer and January transfer windows, together with significant investment in infrastructure across the club.
“This includes the redevelopment of the tunnel, dressing rooms and hospitality areas in the Main Stand at The City Ground and improvements to pitches and training facilities at the Nigel Doughty Academy complex.”
The Reds have recently enjoyed an upturn in fortunes after enduring a troubled start to their first season in the top flight since 1999. Forest currently sit in 13th place in the Premier League table, four points above the relegation zone.
