Forest slip further into the red after posting heavy losses

Newly-filed accounts from Nottingham Forest show the club is £185m in the red.

For the year ending June 30 2023, Forest saw revenues soar by 420% to £155m – but the club saw underlying losses up by a fifth to £62m.

Wages rose by 147% to £147m, while the club spent £170m on players over the period – and made just £5m in sales. Forest are paying for the majority of the players bought in instalments, and owe other clubs an eye-watering £116m.

The Reds borrowed £87m over the 12-month period.

The news comes after Forest last week lodged an appeal against the points deduction it was hit with after being found to have broken Premier League financial rules.

The Reds fell into the relegation zone after being deducted four points – but clawed their way out with a point against Crystal Palace over the Easter weekend.

Forest were referred to an independent commission after they reported losses that were over the limit permitted across a three-year reporting cycle for last season.

A statement from the club said: “Nottingham Forest can confirm that it has today lodged an appeal against the four point sanction imposed by the Commission in relation to the Club’s breach of the Premier League’s Profit & Sustainability Rules (PSR).

“The club will not be making any further statement at this time.”

Forest say the commission’s decision “raises issues of concern for all aspirant clubs” and, adding that the player transfer market is a “highly specialised trading environment” that “cannot be compared” to the sale of normal products and services.