‘Massive’ – Nottingham Forest are £25m better off after deal agreed
Nottingham Forest have secured an extra £25million after agreeing a behind-the-scenes deal.
Nuno Espirito Santo’s side have already lost Anthony Elanga this summer, after the winger moved to Newcastle for £55m.
It had looked as if Morgan Gibbs-White was set to depart the City Ground as well when Tottenham triggered his release clause, but Forest rejected the validity of the bid and have now tied the midfielder down to a new contract.
Away from the transfer market, the club have taken out an £80m loan with Apollo Management, a global asset management company based in New York.
Everton’s former chief Keith Wyness – who served as CEO at Goodison Park between 2004 and 2009 and now runs a football consultancy advising elite clubs, believes that it is a deal that makes sense, as it will give them an extra £25m in leeway.
‘Forest to pay off debts after new deal’
Speaking on the new edition of Football Insider’s Inside Track podcast, Wyness insisted that Forest will now be able to settle their debts at a lower interest rate, thanks to their new deal with Apollo.
The agreement will help pay off an existing loan that the club has with Rights and Media Funding Group (RMF).
Wyness added that Forest have reduced their interest payments by about £2m a year as a result of the move.
He told Football Insider‘s Inside Track podcast: “I know of Apollo. This is really their first venture into this particular part of football lending.
“When I looked at it, Forest had an existing loan with Rights and Media Funding, who I know as well, because I did a deal with them at Everton back in the day, and I’m aware of how they operate.
“Apollo’s a massive business, I think they’ve got something like £750billion under management, I mean they’re a big player.
“For Forest, this is about effectively just housekeeping, financial housekeeping. As I understand it, they’re going to be paying off the Rights and Media Funding loan and give themselves another £25m of extra leeway in there.
“They’re going to be able to pay off that loan and then still reduce their interest payments by about £2m a year. So it makes sense that they basically just refinanced the loan, at a lower interest rate and taken out a bit more of a credit line, if you like, as well.”
Forest lead race for Villa star
Meanwhile, Nottingham Forest are the current front-runners in their pursuit of Aston Villa star Jacob Ramsey despite growing interest from rival clubs, sources have told Football Insider.
Forest are facing competition from the likes of Everton, who are planning an ambitious move for the midfielder as they aim to bolster David Moyes’ squad.
Football Insider exclusively revealed on 18 July that Aston Villa could accept £50million for Ramsey, with Gibbs-White’s exit potentially facilitating the move.
Forest would be prepared to move ahead of rivals for his signature, with the allure of European football and willingness to spend big giving them an advantage.
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