Nottingham Forest could be set for a small clear out this summer as accounts reveal the East Midlanders are still saddled with debt, despite owner Fawaz Al Hasawi writing off almost £18m in loans, according to Sky Sports.
The club need to clear some of their debts and season ticket sales are barely putting a dent in what they owe, leaving the possibility of having to sell players looking increasingly likely.
Forest fans have vented their frustration at Al Hasawi, staging protests at the ground, but until a new buyer can be found, they may have to face the reality they’re stuck with the current regime.
News of the owner writing off loans is hardly likely to placate the fans, and a proposed takeover by an American consortium headed by John Jay Moores collapsed in January, leaving the club’s financial state looking increasingly precarious.
Sky Sports note how the accounts for the club state, “After having taken into account a range of possible outcomes arising from on-pitch performance, the forecasts and predictions adopted as a basis for going concern show a further funding requirement in excess of the current level of funding facilities immediately available to the director.
“Therefore the director acknowledges a material uncertainty in the event the company’s ultimate beneficial owner becomes unwilling at any time to continue to provide funding support to the business to the general level that it previously provided.
“It should be noted that there are management initiatives that can be pursued to mitigate any potential funding shortfall including the sale of players and other business assets.”
Forest are currently seven points off the Championship relegation zone, and should they go down, their financial woes could prove devastating.
Al Hasawi may need to find another buyer soon, or put more of his money where is mouth is.