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Nottingham Forest transfer success laid bare in new figures as Arne Slot proved wrong

Nottingham Forest head coach Nuno Espirito Santo (right) and Liverpool boss Arne Slot
-Credit:Getty


New research shows just how astute Nottingham Forest have been in the transfer market in the last two windows.

The winter deadline passed on Monday with the Reds having done little by way of business. Much of the groundwork had been done last summer, meaning the club went into January prepared for a relatively quiet month. Head coach Nuno Espirito Santo already had a strong squad in place and the bulk of any deadwood had already been moved on.

Forest were criticised by a number of pundits for their shopping spree after promotion to the Premier League in 2022. Their substantial recruitment drive that summer saw them labelled as big-spending chaos merchants by some.

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Indeed, Liverpool boss Arne Slot riled Reds fans earlier this year when he had a dig at the club’s spending. “If you look at the amount of money they have spent, it is not a complete surprise,” he said of Forest’s lofty position in the table before the teams met at the City Ground in January. Nuno hit back with: "Money doesn’t play football, people do.”

Football finance expert Kieran Maguire has calculated the Reds have a net spend of £16 million for 2024/25. Below are the net spend figures for each of the Premier League clubs, as listed by Maguire on X.

Premier League net spent 2024/25

Aston Villa - -£35 million

Everton - -£27m

Fulham - -£20m

Newcastle United - -£17m

Crystal Palace - -£7m

Liverpool - -£4m

Wolverhampton Wanderers - £7m

Chelsea - £7m

Nottingham Forest - £16m

Arsenal - £21m

Leicester City - £34m

Bournemouth - £55m

Brentford - £61m

Southampton - £67m

West Ham United - £81m

Manchester City - £84m

Tottenham Hotspur - £99m

Manchester United - £117m

Ipswich Town - £124m

Brighton and Hove Albion - £190m

The findings come after Forest added only one new senior player in the winter window. Young defender Tyler Bindon was signed from Reading for an undisclosed fee and was immediately loaned back to the Royals. Other than academy youngsters Aaron Donnelly and Fin Back, the club did not sanction any sales.

There has been a focus on careful and considered business at the City Ground, and in the summer the Reds spent very well. Nikola Milenkovic, for example, cost just £12m from Fiorentina while fellow centre-back Morato was recruited from Benfica for an initial £9m. Elliot Anderson made a £35m switch from Newcastle United to link up with Nuno’s side but goalkeeper Odysseas Vlachodimos moved in the opposite direction for £20m as part of the package, meaning the midfielder effectively cost £15m

Vlachidimos wasn’t the only player to generate significant cash last summer. Orel Mangala (£20m) and Moussa Niakhate (£27m) were both sold to Lyon.

Forest signings 2024/25 (reported fees): Marko Stamenic - undisclosed; Eric da Silva Moreira - £1.25m; Elliot Anderson - £35m; Carlos Miguel - £3m; Nikola Milenkovic - £12m; Jota Silva - £6m; Ramon Sosa - £11m; David Carmo - £10m; Morato - £9m; Tyler Bindon - undisclosed.

Forest sales 2024/25 (reported fees): Odysseas Vlachodimos - £20m; Brandon Aguilera - undisclosed; Orel Mangala - £20m; Moussa Niakhate - £27m; Joe Worrall - £5m; Alex Mighten - undisclosed; Hwang Ui-jo - undisclosed.

How would you rate Forest's transfer business in the last two windows? Click HERE to have your say