Nottingham Forest records a loss of £22.9 million for last season
Thursday 5 March 2015 16:49, UK
Nottingham Forest recorded a loss of £22.9 million last season, the club's accounts have revealed.
The Reds' results for the year ending May 31, 2014 show an increase of almost £6million on the 2012/13 campaign, when a loss of £17.05million was reported.
Forest's failure to meet Financial Fair Play (FFP) regulations, where no more than £8million can be lost during the season, resulted in the club being placed under a transfer embargo in December.
The main reason for the overspend was a wage bill. A total of £23.9million was spent on wages and salaries up to May 31, 2014 - up from £18.3million the year before - while operating expenses went up from £29.5million to £35.2million
The latest accounts also reveal Forest have a net debt of £50.7million, of which £35.9million is a loan from the Al-Hasawi family who own the club. No interest is charged on these loans.
The accounts also show a turnover of £16.4million in 2014, as opposed to £15.4million for the previous year.
The prospect of Forest having their FFP transfer embargo lifted any time soon look slim as the allowable losses for the current season are just £6million.
