Nottingham Forest owner Evangelos Marinakis has converted £41 million worth of loans into shares, in a "further significant financial commitment" to the club.
A “statement of capital following an allotment of shares” has been published on the Companies House website showing equity changes at the club. It details how £41m worth of loans have been converted into equity to further support the Reds in the 2021/22 financial year, stating that “the shares were allotted in consideration of a waiver of a debt of £41,000,000.
Converting the loans into equity takes the debt off Forest and is seen as an indication of Marinakis’ investment in the club. It is something the Greek businessman has done for the last few years, since taking over in 2017.
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A statement from the club said: “Nottingham Forest owner Evangelos Marinakis has made a further significant financial commitment to the club with the conversion of £41m worth of loans into shares in the 2021/22 financial year.
“Converting the £41m debt into equity helps relieve the financial burden on the club, reaffirming Marinakis’ commitment to the continued development and future success of Nottingham Forest."
Twelve months ago it was announced Marinakis had converted £12m worth of loans into shares. That was in addition to the announcements of £20.8m in 2021, £14.7m in 2019 and £4.9m in 2018.
"Nottingham Forest is incredibly fortunate to have such generous financial support from its ownership," said chairman Nicholas Randall KC.
"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."
The Reds’ latest set of accounts should be due this month. Last year, the club posted an operating loss of more than £34m, which reduced to £15.5m pre-tax, for the year ending June 2021, which incorporated a full season of playing behind closed doors.
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