Evangelos Marinakis turns £41million of loans into shares at Nottingham Forest

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.