Nottingham Forest news from NottinghamshireLive as the Reds release their most recent set of financial statements
In their most recent set of financial statements, Nottingham Forest reported an operating loss of nearly £50 million, reduced to a loss before tax of £45 million.
The Reds posted an operating loss of £49.5m in the fiscal year ending June 2022, which was reduced to a loss before tax of £45.6m after interest, profit on player disposal, and a historical loan write-off. This compares to a loss of £34.4m in the previous year, which was reduced to a loss before tax of £15.5m in the fiscal year ending June 2021.
Nottingham Forest revealed huge financial loss as Evangelos Marinakis set for new club changes
The just-released set of accounts incorporate a full season of fans being back in stadiums following the coronavirus pandemic, as well as a campaign that saw Forest secure promotion to the Premier League. Those factors helped turnover increase from £18.4m in 2021 to £29.7m. The club point to the “on-field success, together with the return of matchday revenues more akin to a ‘normal’ season” as allowing them to “begin to recover” from the effects of the pandemic.
However, administrative costs have risen from £46.8 million to £73.7 million. In response to that increase, it is stated that “the main driver behind this increase was the activation of bonuses linked to promotion to the Premier League.” There were also additional costs associated with competing in the play-off competition. Furthermore, compared to 2020-21, match day costs increased as games were no longer played behind closed doors.”
During the fiscal year, owner Evangelos Marinakis converted £41 million in club loans into equity. The strategic report also demonstrates the Greek’s continued dedication to the club as well as his willingness to invest.incorporates
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