Nottingham Forest smash club-record revenue as official paperwork reveals £32m boost
Nottingham Forest have smashed their club-record revenue after publishing their financial numbers for last season.
Forest posted their latest accounts for 2024-25 on Thursday (26 March), showing their revenue increased by £32million from £190m in 2023-24 to £222m.
That figure was boosted by a significant rise in broadcast revenue, which surged from £130m to £159m across the same period.
It comes after the City Ground club finished seventh in the Premier League table under former manager Nuno Espirito Santo last season.
Forest are in a strong financial position after competing in the Europa League this season, but they still have work to do to confirm their top-flight status for another campaign.
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Inside the transfer budget, player wages, Evangelos Marinakis’ investment, and PSR developments at the City Ground.
VISIT THE FOREST FINANCE HUBHow Nottingham Forest’s numbers break down
In terms of the other key financial lines, Forest have continued to make improvements across the board.
The East Midlands side recorded an uplift in commercial revenue, with their figures improving from £30m in 2023-24 to £39m last season.
| 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 |
Forest’s shirts were sponsored by Kaiyun Sports in 2024-25, while Bally’s Corporation has taken over the property this season.
However, another change will be necessary if the Reds remain in the Premier League, with gambling sponsors banned from front of shirts from the start of the 2026-27 campaign.
Elsewhere, Forest recorded a boost in matchday income at the City Ground last season after their gate receipts rose from £14m to £20m.
Owner Evangelos Marinakis is looking to further improve that figure over the coming years after announcing ambitious stadium expansion plans.
Forest are looking to increase their capacity from 30,000 seats to more than 50,000.
How Nottingham Forest’s losses increased last season
Marinakis has backed Forest heavily in recent years as he looks to cement their place in the Premier League.
The club’s previous heavy spending saw them receive a four-point deduction in 2022-23 after breaching the profit and sustainability rules (PSR), with top-flight sides permitted to lose £105m over a rolling three-year period.
While the Reds’ pre-tax losses dropped from £67m in 2022-23 to £12m in 2023-24, the number rocketed to £71m last season.
However, their wage bill only increased slightly from £166m to £167m despite qualifying for Europe.
Forest are still in with a chance of winning the Europa League after reaching the quarter-finals of the competition, where they will face Porto next month.
Although the victory over Tottenham last weekend has provided Vitor Pereira’s side with a three-point gap to third-bottom West Ham, securing Premier League football for next season is still the priority at the City Ground.
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