Keith Wyness reacts as Marinakis issues billions of Nottingham Forest shares
Everton’s former chief Keith Wyness has claimed Nottingham Forest owner Evangelos Marinakis has put the club in a prime position to strengthen after issuing billions of shares.
Speaking on the new edition of Football Insider’s Inside Track podcast, the 67-year-old – who served as CEO at Goodison Park between 2004 and 2009 and now runs a football consultancy advising elite clubs – insisted the number isn’t as “dramatic” as it seems, but will have a tangible effect on Forest’s ability to act in the transfer market.
A Companies House submission on 13 January, backdated to 10 January, revealed Marinakis has converted £72million worth of loans into 7.2 billion shares.
The latest manoeuvre comes after it was confirmed any shareholder loans still in effect after 11 January must undergo a fair market value assessment following the Premier League’s recent legal battle with Man City.
Marinakis has converted debt into equity with any money now loaned to a club by their owners now attracting interest charged in line with commercial loans under APT (Associated Party Transaction) rules.
Nottingham Forest ready for transfer business as 7.2 billion shares issued, says Wyness
On the pitch, Forest sit third in the Premier League and are well placed to qualify for next season’s Champions League.
Wyness told Football Insider‘s Insider Track podcast: “It’s a very dramatic and great number, but it doesn’t mean anything at all.
“It’s just the valuation of the £72million injection.
“He’s done this a lot, converting debt into equity. Marinakis has shown great support for the club, we’ve all seen the success they’ve had – it’s amazing.
“Marinakis is proving to be really good for the club long-term.
“He’s backing it up with real cash.
“Forest can kick on in the summer now after this new investment.
“If they are in the Champions League, they’re going to need to strengthen. There’s no doubt.
“Marinakis is putting them in a position to do that.”
In other news, clubs race to sign Nottingham Forest striker.
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