Evangelos Marinakis, the owner of Nottingham Forest, has turned £11 million in loans into shares for the current fiscal year.
According to reports, the action “relieves the financial burden” on the Reds and demonstrates Marinakis’ ongoing dedication to the team. Having converted increasing sums of debt into equity throughout the 2019/20, 2020/21, and 2021/22 financial years, this is Marinakis’ fourth such conversion.
“Nottingham Forest owner Evangelos Marinakis has made a further financial commitment to the club with the conversion of £11m worth of loans into shares for the financial year 2022/23,” the club said in a statement released on Friday.
“The owner’s increased financial support lessens the club’s financial load and demonstrates Evangelos Marinakis’ ongoing commitment to the team’s success.
The relocation is a component of the club’s 2022–2023 financial process. The agreement’s specifics have been filed with Companies House.
“This year marks Evangelos Marinakis’ fourth consecutive year turning club debt into equity. During the fiscal year 2021–2022, the proprietor exchanged loans totaling £41 million for shares. This comes after a conversion of £12 million in 2020–2021 and more than £20 million in 2019–20.”
In March 2019, Marinakis successfully took over Forest and managed their promotion to the Premier League. In addition, he just acquired Rio Ave F.C. of Portugal and owns Olympiacos, a team in the Greek Super League. The Greek shipping magnate resigned from his position as Greek Super League president lately.
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