(Credit: Hasan Karim - Breaking Media)

Ben Palmer

Sat 2 August 2025 8:00, UK

Nottingham Forest have been warned that the new loan taken out by the club could become a “burden”.

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The Tricky Trees have been difficult to ignore since Greek business tycoon Evangelos Marinakis’ takeover of the club in 2017.

The Olympiacos owner’s domineering physical presence and off-field controversies are hard to ignore, and they were particularly on show when Morgan Gibbs-White’s contract extension was announced.

Marinakis positioned himself next to the midfielder as the England international awkwardly praised the club’s owner, after his move to Tottenham was blocked.

Nottingham Forest also made the controversial move of writing to UEFA to highlight their concerns over Crystal Palace’s participation in the Europa League, when it was first revealed that the South London side may be barred from the competition.

However, both instances have worked out in the Tricky Trees’ favour; Gibbs-White has extended his stay at the City Ground until 2028, and the Midlands side are set to be upgraded from the Conference League, replacing Oliver Glasner’s side in Europe’s second-tier club competition.

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And if the club continue to enjoy the same success on the pitch as they did last season, the decision to take out a mammoth £80million [The Athletic] loan this summer will pay dividends, in all senses.

This article contains exclusive comment from Dan Plumley, a football finance expert and senior lecturer at Sheffield Hallam University.

Following their seventh-place finish in the Premier League last season, the Tricky Trees have pushed ahead in their pursuit of further success, making three new signings this summer, including Dan Ndoye from Bologna.

However, Nottingham Forest’s decision to take out an £80m loan from Apollo Management comes with risks attached.

Speaking exclusively to Football Insider, Plumley explained: “The risk factor is if you have that catastrophic season and you get relegated, those interest payments become more of a burden.



Morgan Gibbs-White’s stats in the 2024/25 season.

(Credit: Getty Images)

“There is some restructuring available further down the line that is due for repayment in a couple of years, so Forest could look to extend it, refinance it.

“In the here and now, it’s not an immediate concern for the club, but you are always mindful of the relegation aspect, and debt itself is not a problem.

The risk factor is the worst-case scenario of relegation, which would hit the club financially and makes the interest payments more of an issue in terms of financial control and cost.”

With plenty of cash now available after their loan, Nottingham Forest are eyeing a move for Aston Villa ace Jacob Ramsey.

Having sold Anthony Elanga to Newcastle, the Tricky Trees are in need of more attacking options, particularly in the wide areas.

Jacob Ramsey has been linked with a move away from Aston Villa this summer.

(Credit Imago)

Whilst Forest are in a strong position financially, the same cannot be said for Villa, who are trying to avoid further sanctions from UEFA after receiving a fine and the threat of expulsion from European competition earlier this summer.

But whilst Nuno Espirito Santo‘s side are keen on the wide man, Ndoye’s arrival at the City Ground may spell an end to their pursuit of Ramsey.

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