Evangelos Marinakis turns £41million of loans into shares at Nottingham Forest
The practice of converting the loans into equity takes debt off the club.
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.Nottingham Forest owner Evangelos Marinakis has reduced the club’s debt by turning £41million of loans into shares.
Marinakis, who has also funded almost 30 signings following Forest’s promotion to the Premier League, has made a “further significant financial commitment to the club”, with the arrangement to be included in the 2021-22 accounts.
The practice of converting the loans into equity takes the debt off, something the Greek businessman has done in smaller quantities over the last two years.
Chairman Nicholas Randall KC said: “Nottingham Forest is incredibly fortunate to have such generous financial support from its ownership.
“This latest financial commitment follows substantial spending on the playing squad in the summer and January transfer windows, together with significant investment in infrastructure across the club.
“This includes the redevelopment of the tunnel, dressing rooms and hospitality areas in the Main Stand at the City Ground and improvements to pitches and training facilities at the Nigel Doughty Academy complex.”
Forest posted an operating loss of more than £34m in their accounts last year and their 21-22 accounts are expected to be released shortly.
They are set to show an eye-watering increase in transfer fees and player wages given their extensive recruitment drive following promotion to the top flight.