Evangelos Marinakis converted £89 million of parent-company debt owed by Nottingham Forest into equity during the financial year ending 30 June 2025, according to the club accounts as reported by Nottingham Chronicle. The change improved Forest’s reported balance-sheet position, but it did not make the club profitable: the accounts also recorded operating and pre-tax losses.
What financial action did Marinakis take?
The reported transaction changed the form of Forest’s financing: £89 million of debt owed to the parent company was converted into equity. Nottingham Chronicle’s account of the filings attributes £72 million to January 2025 and £17 million to June 2025. The amounts and timing are reported from the accounts, rather than independently verified here against the underlying Companies House document. Nottingham Chronicle’s report
In practical terms, a debt-to-equity conversion removes the converted amount from the company’s debt and records it as equity instead. It is a balance-sheet change—not operating income, revenue, or evidence that an outside party repaid the debt in cash. The report quotes the accounts as saying the balance sheet improved to net liabilities of £5.2 million at 30 June 2025, from £5.4 million a year earlier, “despite the loss reported for the year due to the conversion of £89m parent company debt to equity.”
What did Forest’s 2024/25 accounts show?
The conversion took place in a year when the club continued to report losses. Nottingham Chronicle reported these figures from Forest’s accounts for the year ended 30 June 2025:
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| Measure | 2024/25 figure | What it indicates |
|---|---|---|
| Revenue | £221.7 million | Income reported for the year; it is not the same as profit. |
| Operating loss | £64.9 million | The club’s reported loss from operations. |
| Loss before tax | £78.9 million | The loss before tax for the financial year. |
| Net liabilities at 30 June 2025 | £5.2 million | Compared with £5.4 million at 30 June 2024. |
The report also gives revenue of £189.6 million in 2023/24 and £154.8 million in 2022/23. These revenue figures show growth across the reported years, but they do not cancel out the losses in 2024/25. Nottingham Chronicle’s report of the accounts
Why the conversion is not the same as a profit or cash injection
Debt and equity are different ways a company can be financed. When a company owes money to its parent and converts that debt into equity, its liabilities fall and its equity position improves relative to what it would otherwise have been. The transaction does not, by itself, show that the club generated cash through its normal activities or earned a profit.
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That distinction matters at Forest because the same reported accounts show a £64.9 million operating loss and a £78.9 million loss before tax. The improved net-liabilities figure reflects the reported conversion alongside the year’s financial results; it should not be read as a turnaround to profitability.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.How this fits with Marinakis’s ownership
Marinakis acquired Nottingham Forest on 18 May 2017, according to his official website. That biography describes the acquisition as “sanctioned by the English Football League (“EFL”) after a detailed review of the strategy and plan to restore the Club to its former glory”; this is the owner’s account of the acquisition.
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Separate ownership arrangements were reported in May 2025. The Guardian said Marinakis placed his Forest shares in a blind trust to meet UEFA multi-club ownership requirements after Olympiacos secured a Champions League place and Forest were seeking European qualification. The report said the trust did not prevent him from attending matches or offering personal guidance, while UEFA’s oversight focused on financial involvement. That ownership context is distinct from the debt-to-equity conversion; the available reporting does not establish that UEFA required or caused the conversion. The Guardian’s report
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