‘Nottingham Forest landed £100m windfall after swap deals agreed’
Nottingham Forest have faced issues complying with the Premier League’s spending rules in their bid to establish themselves in the top flight.
Forest survived relegation last season after being hit with a four-point deduction for breaching the profit and sustainability rules (PSR) in 2022-23.
Nuno Espirito Santo’s side were believed to be close to the limit for 2023-24, but the last-ditch sales of Odysseas Vlachodimos, Orel Mangala and Moussa Niakhate before the 30 June accounting deadline ensured they didn’t break the rules again.
Those deals helped the club record a profit on players of around £100million last season, leading to a £10million pre-tax profit, having made a £69million loss in 2022-23.
Meanwhile, Forest posted a record-breaking revenue for 2023-24 after their turnover increased from £155million to £190million.
Finance expert Stefan Borson exclusively told Football Insider the club’s “swap deals” last summer were the primary reason behind their £100million transfer profit.
Forest are expected to spend big in the upcoming transfer window if they qualify for the Champions League this season.
Nuno’s side currently sit third in the Premier League table, six points above fifth-place Manchester City, who have a game in hand.
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.
Nottingham Forest set for ‘transformation’ after stunning twist
Borson insisted Champions League qualification would be “transformational” for Forest.
He told Football Insider: “Their PSR troubles are not quite behind them.
“First of all, the numbers are flattered by the £100million of transfer profit.
“A lot of that is down to some of the trades that they did, some of the let’s call them swaps that may or may not be permissible for Uefa rules, but in any event, did produce some exceptional profits.
“They do have players that they could sell on, so they are in a position where I think if they wanted to, they could make some quite significant profits again this season on player sales.
“But those are the players that they’re going to want to keep if they do make the Champions League, so I’m not massively impressed by the numbers as they stand. They are also in an investment phase like some of the other clubs.
“But of course, they’re very likely now to get Champions League football. They remain favourites to get that Champions League football.
“If you get Champions League, it’s going to be completely transformational for a club like Nottingham Forest and that set of accounts, so it’s less about what they did in 2023-24 and more about what they could do in 2025-26 financially.”
Position | Team | Played | Points | GD |
| 1 | Liverpool | 30 | 73 | +43 |
| 2 | Arsenal | 31 | 62 | +30 |
| 3 | Nottingham Forest | 31 | 57 | +14 |
| 4 | Chelsea | 30 | 52 | +17 |
| 5 | Man City | 30 | 51 | +17 |
| 6 | Aston Villa | 31 | 51 | 0 |
| 7 | Newcastle United | 29 | 50 | +10 |
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.
For more Nottingham Forest and exclusive news, follow us on Facebook or join our brand new WhatsApp Channel for instant updates to be sent straight to your phone.