Nottingham Forest owner Evangelos Marinakis has transformed £82 million in loans into equity through a new share issuance. This move, disclosed on December 23rd, sees the loans converted to 82 billion shares valued at one pence each. Marinakis has consistently converted debt into equity since acquiring the club in 2017. This conversion eliminates interest charges on the previously provided loans, addressing the club's financial challenges. Forest had faced financial difficulties in recent seasons due to a four-point deduction for breaching profit and sustainability rules. While close to breaching the rules again, last-minute sales are anticipated to maintain compliance. Meanwhile, the club has witnessed significant changes behind the scenes with Nicholas Randall KC assuming the role of chairman and Lina Souloukou appointed as the new CEO.
Nottingham Forest owner Evangelos Marinakis has converted £82million of loans into equity in the form of a new share issue,submission on 23 December revealed the loans have been switched into 82 billion shares worth one pence each.
Marinakis has made a series of moves to convert debt into equity since securing his takeover at the City Ground in 2017.shareholder loans will be required to be submitted as an associated party transaction and undergo a fair market value assessment following the Premier League’s recent legal battle with Manchester City.Marinakis converting the £82million into equity ensures there will be no interest charged on the loans previously provided to the club.
Nuno Espirito Santo led his side to Premier League safety last season before drastically improving their on-field performances in the first half of this campaign. They currently sit second in the table after securing victories in 11 of their opening 19 games of the season.There has, however, been plenty of changes behind the scenes at the City Ground over the past few months.Nicholas Randall KC has taken up the role of Forest chairman for the second time following Tom Cartledge’s decision to step downLina Souloukou will also begin work in Nottingham on 5 January after she has recently been appointed as the club’s new CEO.
FOOTBALL FINANCES NOTTINGHAM FOREST EVANGELOS MARINAKIS PREMIER LEAGUE
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