Riverside Stadium

Next Game

M'boro v N Forest

Friday, 26 December 2014, 15:00

Sky Bet Ch'ship

The City Ground

Last Game

N Forest 1 - 1 Leeds

Saturday, 20 December 2014, 17:15

Sky Bet Ch'ship

Forest announce big losses

Nottingham Forest have announced losses of £17.1million for the last financial year, meaning the club could struggle to adhere to Financial Fair Play rules this season.

Last Updated: 05/03/14 at 14:04 Post Comment

City Ground: Nottingham Forest announce significant losses

City Ground: Nottingham Forest announce significant losses

More of the games that matter

Upgrade in minutes or watch with a NOW TV Day Pass.

The club breached FFP limits in 2012/13, when allowable losses were £10million.

Crucially, there were no punishments in place for breaching the rules last season - but there are this season with Sky Bet Championship clubs allowed to lose£8million.

Therefore, if Forest fail to reduce the deficit for the current campaign, they could be hit with fines and a transfer embargo next season.

When asked about the club's financial situation recently, Reds chairman Fawaz Al Hasawi said that the issue would be addressed in the form of sponsorship deals from several companies in his homeland of Kuwait.

The end-of-year accounts submitted on Wednesday morning showed that staff costs were up from £17.6million in 2011/12 to £21million, with wages accounting for £18.4million, dwarfing the club's turnover figure of £14.4million.

Kuwaiti owners, the Al Hasawi family, backed Forest considerably with £35.4million owed to them in the form of interest free loans, which would only be repayable when the club was in a position to do so, according to the accounts.

The average league attendance at the City Ground increased last season from 21,969 to 23,083, with the team performing better on the pitch following their fight against relegation during the 2011/12 campaign.

This also meant there was a raise in income from gate receipts, growing 6% to£7.1million. However, this was offset by a £700,000 reduction in the basic award from the Football League to £1.8million.

Despite the huge losses, according to the directors' report submitted along with the accounts to Companies House, the finances had stabilised following the takeover by the Al-Hasawi family, who bought the club in the summer of 2012 following the sudden death of previous owner and chairman Nigel Doughty the previous February.

Doughty funded Forest's losses personally through a loan account and, during more than a decade as owner, was thought to have put close to £100million into the club. At the time of the takeover, Doughty's estate was owed £85.3million.

As part of the acquisition, the Al-Hasawi family reduced the short-term debt by capitalising a "significant" element of those loans owed to Doughty's estate.

More of the games that matter

Upgrade in minutes or watch with a NOW TV Day Pass.

Related News

Most Commented

Readers' Comments

I

m only commenting on this (I don't care about Liverpool) because F365's twitter said I had call Matt Stanger a tw*t (which I don't agree with anyway) but I just wanted to be the first. Am I the first?

tk421
Trial And Error Rather Than Transition

S

unday, Sunday. Will there be a fan of either team, who if they are winning after 80 mins, won't still be nervous? This could be anything from 0-0 to 5-5, and no one would bat an eye.

megabrow (cufc)
A Season Of Continuous False Dawns

T

his year I am getting F365 a whack-a-mole game but with Brendan instead of the mole (Like the one with JD on Scrubs) and every time he pops up he says something. Outstanding Whack!, Character Whack!, Magnificent Whack!, Wonderful Composure Whack, Whack f**king Whack. Hours of fun.

hump3.
Trial And Error Rather Than Transition

Footer 365

Transfer news: Labour MP Iain Wright warns Hartlepool against signing Ched Evans

Labour MP Iain Wright has told Hartlepool to "think again" over their interest in signing convicted rapist Ched Evans.

Premier League: Neil Warnock blasts officials after Crystal Palace's 3-0 defeat at Man City

Neil Warnock said the decision to disallow a Crystal Palace goal in the 3-0 defeat to Manchester City was "disgraceful".

Jose Mourinho rejects idea of retrospective action against divers

Chelsea boss Jose Mourinho says it would be a "disaster" to punish divers retrospectively.

Mail Box

More Players In The Wrong Bloody Shirt

Plus Cristiano Ronaldo, who looks 'heart-breakingly well-suited to a Real Madrid shirt' according to one United fan. Plus, words from the good doctor and plenty more...

Players Plainly Wearing The Wrong Strip...

There are some players who just look plain daft in whatever shirt they're wearing. Like Cesc and Robin. It's a cracking mailbox with a load of different themes...

© 2014 British Sky Broadcasting Ltd. All Rights Reserved A Sky Sports Digital Media property