Home » Nottingham Forest record £221.7m revenue despite £78.9m pre-tax loss

Nottingham Forest record £221.7m revenue despite £78.9m pre-tax loss

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Last Updated: April 9, 2026 | 08:20 BST

Nottingham Forest owner Evangelos Marinakis
Credit: Imago
NFFC FINANCE UPDATE:

FOREST FINANCIALS:
Turnover, Sponsorships & PSR Outlook

Nottingham Forest 2024-25 financial results: the key takeaways

  • Record revenue growth: Forest achieved a record turnover of £221.7million, up from £189.6m the previous year. This was largely driven by finishing seventh in the Premier League and improved commercial deals.
  • Significant pre-tax Loss: Despite the revenue surge, the Tricky Trees posted a loss before tax of £78.9m. This is a big swing from the £12.1m profit reported in 2024 (which had been bolstered by significant player sales such as Brennan Johnson).
  • Wages and amortisation: Staff costs (namely wages) and player amortisation remain high. Total staff costs rose to £241m, meaning the club spent roughly 109 per cent of its total revenue on wages, a figure that remains a point of scrutiny for financial sustainability.
  • Debt-to-equity conversion: Owner Evangelos Marinakis demonstrated continued commitment by converting £89m of loans into equity. This move effectively wiped that debt from the club’s books, strengthening the balance sheet and aiding compliance with financial regulations.
  • Matchday income rise: Driven by a 24 per cent increase in ticket prices and a deep run to the FA Cup semi-finals, matchday revenue rose to a club-record £20.3m.
  • PSR compliance: Despite the heavy losses, the club indicated it remains compliant with the Premier League’s Profit and Sustainability Rules (PSR), partly due to the timing of previous player sales and the owner’s equity injections.
Financial Metric FY 2024-25 (£) FY 2023-24 (£)
Total Turnover (Revenue) £221.7m £189.6m
Matchday Revenue £20.3m £14.4m
Commercial Revenue £39.0m £31.0m
Total Staff Costs (Wages) £241.0m £239.0m
Operating Loss (£64.9m) (£73.3m)
Profit / (Loss) Before Tax (£78.9m) £12.1m

Who are the key Nottingham Forest boardroom and background figures?

Ever wondered who are the key decision-makers in the Nottingham Forest boardroom? Beyond Evangelos Marinakis, there is a whole technical structure working to help build the Tricky Trees towards their ultimate goal of being a dominant player in the Premier League (even if the immediate task at hand is maintaining top-flight survival).

Below is a list of all the key names working behind-the-scenes to make things tick at The City Ground.

Ownership & Board

Owner
Evangelos Marinakis
Club Owner
The majority shareholder driving the club’s long-term vision, stadium expansion, and global multi-club network.
Board
Nicholas Randall, K.C.
Chairman
Leading club governance and the executive board to ensure operational stability and regulatory compliance.
Board
Sokratis Kominakis
Board Member
Strategic advisor to the owner, playing a vital role in the commercial and organisational growth of the club.

Technical & Operations

Global
Edu Gaspar
Global Head of Football
Overseeing the football philosophy and technical synchronising across all Marinakis-owned clubs.
Technical
Harry Preston
Head of Football Operations
Managing the day-to-day sporting infrastructure, logistics, and operational efficiency of the first team.

Recruitment Strategy

Recruitment
Connor Barrett
Global Recruitment Ops Manager
Coordinating scouting networks and data-led recruitment processes on a global scale.
Emerging Talent
Daniel Kelly
Head of PDP & Emerging Talent
Identifying high-potential youth talent to integrate into the Professional Development Phase (PDP).

Club Administration

Football Admin
Taymour Roushdi
Head of Football Admin
Managing player registrations, contracts, and footballing regulatory matters.
Commercial
Paul Bell
Chief Business Officer
Driving the club’s commercial revenue, partnerships, and global business growth.
Finance
Phil Brandon
Head of Finance
Directing the club’s financial strategy, reporting, and long-term fiscal planning.
Official Club Personnel Tracker • True as of March 2026
Live data by Scoreaxis
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