Nottingham Forest finances

What the filed accounts show, season by season from 2005/06 to 2024/25: 17 of 20 seasons have a filing in the database; in 3 the club was below the Championship. Figures as filed, not adjusted: on the nearest group that holds the club alone, or on the club company where no such group files; the table names which for each season.

Profit or loss before tax, £m, for the 17 of 20 seasons with a filing in the database; the latest in orange. A ring marks a season with a filing but no profit figure (4; the table gives the reason). A dot marks a season with no filing in the database.

Revenue and profit, by season

Season	Division	Accounts of	Revenue, £m	Profit before tax, £m	Owner-related gains in it, £m
2005/06 to 2007/08	Below the Championship: not in the database
2008/09	Championship	Club company	12.1	not printed	–
2009/10	Championship	Club company	14.7	(12.3)	–
2010/11	Championship	Club company	15.2	(11.4)	–
2011/12	Championship	Club company	14.7	(11.6)	–
2012/13	Championship	Club company	14.4	not printed	–
2013/14	Championship	Club company	16.5	(22.9)	–
2014/15	Championship	Club company	17.4	(21.5)	–
2015/16	Championship	Club company	18.4	(2.2)	–
2016/17	Championship	Club company	20.8	not printed	–
2017/18 (16 months)	Championship	Nearest group	22.7	not printed	–
2018/19	Championship	Nearest group	25.3	(26.6)	–
2019/20	Championship	Nearest group	25.8	(17.5)	–
2020/21 (13 months)	Championship	Nearest group	18.5	(17.2)	–
2021/22	Championship	Nearest group	29.8	(47.7)	–
2022/23	Premier League	Nearest group	154.9	(69.2)	0.0
2023/24	Premier League	Nearest group	189.9	10.1	0.0
2024/25	Premier League	Nearest group	223.0	(71.1)	0.0

Losses in brackets. Profit before tax is as filed. Owner-related gains are the gains from the owner or its companies that the accounts count inside that profit (the hidden-losses record); they are not taken out of it here, and they are read for Premier League seasons only ("–" in a Championship season). Where no figure is shown, the reason is given: "not printed", neither reading found the figure on the pages read; "read once only", only one reading found it; "readings differ", the two readings disagree; "not read", no reading of the filing holds it.

"Accounts of": the nearest group that holds the club alone, or the club company where no such group files or the group's filing does not hold the club for that season. A season whose accounts cover other than 12 months shows its length beside it, from the year ends the database holds for that company; the length is not established for 2022/23, because the database does not hold both year ends of that period for the company whose accounts are shown.

Net assets, debt and owner support, by season

Season	Net assets, £m	Borrowings by lender, £m	Going concern relies on owner
2005/06 to 2007/08	Below the Championship: not in the database
2008/09	(44.3)	Owner 48.0 Other outside lenders (bonds included) 1.8	Yes
2009/10	(56.6)	Owner 62.6 Other outside lenders (bonds included) 1.0	Yes
2010/11	(68.0)	Owner 75.6	Yes
2011/12	(79.7)	Owner 85.3	Yes
2012/13	(31.2)	Owner 20.5 Owner and other shareholders, not split 14.9	Yes
2013/14	(54.1)	Owner 14.9 Owner and other shareholders, not split 36.0	Yes
2014/15	(76.7)	Owner 14.9 Owner and other shareholders, not split 67.0	Yes
2015/16	(70.9)	Owner 53.8 Other related parties 16.8	Yes
2016/17	(38.8)	Owner 21.9	Yes
2017/18 (16 months)	(8.0)	Owner and other shareholders, not split 15.4 Other outside lenders (bonds included) 20.4	Yes
2018/19	(34.7)	Owner and other shareholders, not split 36.0 Other outside lenders (bonds included) 22.7	Yes
2019/20	(52.2)	Owner and other shareholders, not split 54.6 Other outside lenders (bonds included) 18.0	Yes
2020/21 (13 months)	(69.4)	Owner and other shareholders, not split 56.2 Other outside lenders (bonds included) 33.0	Yes
2021/22	(116.5)	Owner and other shareholders, not split 59.2 Banks 7.9 Other outside lenders (bonds included) 47.7	Yes
2022/23	(185.7)	Owner 60.6 Banks 12.6 Other outside lenders 112.2	Yes
2023/24	(175.9)	Owner 75.5 Banks 11.5 Other outside lenders 195.5	Yes
2024/25	(246.9)	Owner 136.2 Outside, type disputed 228.2	Yes

Read twice from each filing, as agreed by both readings: Premier League seasons from 2020/21 from the balance-sheet record; Premier League seasons 2005/06 to 2017/18 and every Championship season from the records built on the Championship's method. Each record keeps its own lender types.

Owner: the club's ultimate controlling party, its parent or companies in its group, or a person or company acting for it, as the related-party note shows.
Other related parties: a lender the accounts show as a related party (a director, a director's relative or company, a connected party) but not as a shareholder or as acting for the owner.
Owner and other shareholders, not split: a loan line the accounts give for the owner and other shareholders together, with no split.
Banks: bank loans and overdrafts.
Other outside lenders: other debt to lenders outside the club: funding secured on central payments, factoring, finance leases, preference shares treated as debt, and lenders the accounts do not name. Marked "(bonds included)" in the records that count bonds and loan notes here too.
Outside, type disputed: both readings place the lender outside the club but differ on its type.
Going concern relies on owner: "Yes", the directors say the club can carry on because its owner will support it; "Conditional", that support is promised only if something goes wrong, or as a promise not to call existing loans; "No", the directors do not rely on it; "Not agreed", the two readings differ.

From the Orange Ledger's database as of 31 October 2026: figures read from accounts filed at Companies House, not official figures, and the database holds what was read; it does not make it verified. Nottingham Forest's squad cost ratio · All clubs.