Why Forest owner writes off £11m club owes him

Nottingham Forest owner, Evangelos Marinakis, has written off £11m of club debt by turning loans into shares for the financial year 2022/23.

The move forms part of the club’s financial process for its 2022/23 accounts. Details of the arrangement have been submitted to Companies House.

It is the fourth consecutive year in which Marinakis has converted club debt into equity. In the 2021/22 financial year, the owner converted £41m worth of loans into shares. This follows a similar conversion of £12m in 2020/21 and over £20m in 2019/20.