Nottingham Forest have ‘failed Uefa tests’ as Stefan Borson analyses official documents
Nottingham Forest are expected to have failed to comply with Uefa’s financial rules after publishing their latest accounts.
That is according to former Manchester City financial adviser Stefan Borson, who exclusively told Football Insider Forest are likely to enter a settlement period with the governing body.
The East Midlands side finished seventh in the Premier League in 2024-25, earning them a place in the Europa League for this season.
Clubs competing in Europe must comply with Uefa’s football earnings regulations and its squad cost ratio, where they are required to keep spending on player wages and fees to 70 per cent of revenue.
A breach could impact Forest’s spending plans moving forward, with Chelsea and Aston Villa currently restricted after they entered a settlement period with Uefa last summer.
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VISIT THE FOREST FINANCE HUBHow Nottingham Forest have breached Uefa rules
Forest published their accounts for last season on 26 March, showing their revenue increased from £190m in 2023-24 to £222m, marking a new club record.
Broadcast revenue surged from £130m to £159m, while commercial income improved from £30m to £39m and matchday rose from £14m to £20m.
| Financial metric | 2023-24 | 2024-25 |
| Commercial revenue | £30m | £39m |
| Broadcast revenue | £130m | £159m |
| Matchday revenue | £14m | £20m |
| Total revenue | £222m | £190m |
| Pre-tax loss | £12m | £71m |
| Wages | £166m | £167m |
Elsewhere, the Reds’ pre-tax losses rocketed from £12m to £71m, with their wage bill increasing slightly from £166m to £167m.
Speaking exclusively to Football Insider, Borson discussed Forest’s accounts for last season.
“They’re broadly as expected,” said Borson.
“I expect them to have failed some of the Uefa tests, football earnings in particular, when those results come out in April for that. They’ll probably be in a settlement period for the periods going forward.
“They’ve almost doubled matchday revenue. They’ve more than doubled commercial revenue, which is impressive. On the flip side, wages are still very high at £167m.”
Why Nottingham Forest’s financial numbers are ‘positive’
Borson insisted Forest are making progress following their latest set of accounts at the City Ground.
“The business is generally heading in the right direction,” said Borson.
“This year was the first EBITDA profit in the last five, which is positive. They didn’t need to rely on profit on player sales like they did in the prior year, which again is positive.
“I expect them for this season if they need it to have access to player sales given the situation with Anderson and a number of other players.”
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