‘Nottingham Forest could face issue’ after record-breaking update – Stefan Borson
Nottingham Forest could be in line for a significant windfall if they manage to qualify for the Champions League this season.
Nuno Espirito Santo’s side currently sit third in the Premier League table, five points above sixth-place Manchester City after 31 matches.
There are expected to be five Champions League spots on offer to top-flight clubs this season as England is comfortably clear in Uefa’s coefficient rankings.
Forest’s turnaround comes after they survived relegation last season despite being hit with a four-point deduction for breaching the profit and sustainability rules (PSR) in 2022-23.
The club posted a record-breaking revenue for 2023-24 after their turnover increased from £155million in 2022-23 to £190million.
That was driven by a substantial uplift in commercial revenue from £19million to £45million as they look to cash in on opportunities at the City Ground.
Finance expert Stefan Borson exclusively told Football Insider Forest could face an issue improving their revenue if they don’t qualify for the Champions League this season.
Forest recorded a £100million transfer profit last season, helping them turn their previous £69million loss in 2022-23 into a £10million pre-tax profit.
However, their wage bill increased from £145million to £166million as they continue to improve their squad.
Nottingham Forest set for financial hit
Borson revealed Forest’s wage bill has likely increased again this season in their bid for Champions League qualification.
He told Football Insider: “I think where the problems can come is if they start believing, not that they would do this, but if they started to believe they were a Champions League regular, set their wage structure up so there’s no deduction of wages in seasons when they’re not in the Champions League.
“That’s when the problems would start. But right now, the wage bill is £166million for the year just gone. Let’s say this current season it’s a bit higher, maybe £180-190million, but it’s still well below Aston Villa.
“It’s starting to creep up to Tottenham. Tottenham did £222million last year. I suspect Tottenham are around about the same this year, maybe slightly higher. But Forest are maybe £180million, so there’s still a big gap there.
“Forest are still pinning themselves around the same sort of West Ham, Everton level in that sort of batch. I think while they’ve got their wage bill under control, they’re well placed.
“Clearly, the other issue that they’ve got is without Champions League football, they are limited a little bit on what they can do top line on revenue.
“The ground is smaller than some of the other bigger grounds. They are historically not as commercially attractive because they’re in this early phase of conversion to a team that’s challenging.
“It is a bit harder for them, but I think they’re quite well placed.”
| Position | Team | Played | Points | GD |
| 1 | Liverpool | 31 | 73 | +42 |
| 2 | Arsenal | 31 | 62 | +30 |
| 3 | Nottingham Forest | 31 | 57 | +14 |
| 4 | Chelsea | 31 | 53 | +17 |
| 5 | Newcastle United | 30 | 53 | +13 |
| 6 | Man City | 31 | 52 | +17 |
| 7 | Aston Villa | 31 | 51 | 0 |
Nottingham Forest ‘desperate’ to agree Nuno deal
Football Insider revealed on 31 March Forest are “desperate” to tie Nuno down to a long-term deal as he nears the final year of his contract.
The 51-year-old signed a two-and-a-half-year deal upon replacing former manager Steve Cooper at the City Ground in December 2023.
Sources say Evangelos Marinakis and the Forest board are now doing everything they can to sign Nuno up to a longer-term agreement.
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