Nottingham Forest Lent £80m in ‘Pricey Debt’ Amid Anthony Elanga’s Sale and Morgan Gibbs-White’s Potential Exit

Apollo’s High-Interest Loan Signals Changing Times at the City Ground

Nottingham Forest have once again found themselves in the headlines—not because of a giant-killing FA Cup run or a blockbuster transfer, but for a bold and financially significant move off the pitch. According to a detailed report from the Financial Times, the East Midlands club has secured a hefty £80 million loan from Apollo Global Management, a major private equity and investment firm based in the United States. The loan marks Apollo’s first known venture into Premier League football, and the terms of the agreement are raising eyebrows across the football finance world.

What Happened: The Details of the Loan

The Financial Times reports that Apollo has provided Nottingham Forest with a three-year term loan at an annual interest rate of 8.75 per cent. In layman’s terms, that’s a relatively steep borrowing cost, especially when compared to standard bank loans. Yet, for Forest, the move may offer breathing room as they look to solidify their place in the Premier League.

Out of the £80 million loan, £55 million has reportedly been used to refinance an existing facility owed to Rights and Media Funding Group—another lender well-known in English football circles, particularly due to its previous involvement with Everton. The remaining £25 million is said to provide ‘additional working capital’, which could encompass everything from infrastructure development to general operational costs as Forest gears up for another demanding Premier League campaign.

A Club in Transition: Elanga Out, Gibbs-White Next?

The timing of the loan is also noteworthy. It comes in the midst of significant player movement at the club. Swedish winger Anthony Elanga has completed a high-profile transfer to Newcastle United in a deal potentially worth up to £55 million. Meanwhile, playmaker Morgan Gibbs-White—arguably Forest’s most talented asset—is being heavily linked with a big-money move to Tottenham Hotspur.

Gibbs-White has emerged as a talismanic figure since arriving from Wolverhampton Wanderers. His creativity, pressing, and technical quality have made him indispensable to the Forest midfield. Yet, with Spurs circling and financial pressures mounting, it would not be a surprise to see him follow Elanga out the door.

The Bigger Picture: Managing Losses and Ambition

Nottingham Forest FC v Manchester United FC – Premier League

Evangelos Marinakis, the Greek shipping magnate and owner of Nottingham Forest, has never been shy about ambition. Under his stewardship, Forest achieved promotion to the Premier League in 2022 and have since aimed to establish themselves among English football’s elite. But ambition comes at a price.

The club recorded an operating loss of £73 million last year, although savvy transfer dealings meant they still posted an overall profit of £12.1 million—thanks in no small part to player sales. That figure could climb even higher following Elanga’s sale and a possible Gibbs-White departure. But balancing the books while investing in both squad depth and long-term infrastructure is a fine line to walk.

Forest have also laid out plans to expand their historic City Ground stadium—a project that will no doubt come with its own financial demands. It’s unclear how much of the Apollo loan might be earmarked for construction and redevelopment, but it’s not unreasonable to assume some portion will go toward these long-term goals.

Did You Know? Apollo’s First Premier League Deal

Apollo Global Management dipping its toes into the Premier League waters is no small matter. Known primarily for its dealings in private equity, real estate, and credit, Apollo manages hundreds of billions in assets globally. The Forest deal marks its first known investment in English top-flight football, signaling growing interest among American capital firms in the world’s most lucrative league.

It also places Forest in the company of other English clubs with U.S. financial ties, such as Chelsea, Manchester United, and Liverpool. What’s different in Forest’s case, however, is the nature of the debt—specifically, its cost. At 8.75%, the annual interest on this deal makes it one of the more expensive debt arrangements in the league’s recent memory.

Alan Pace and the American Influence

Forest aren’t alone in courting American interest. Clubs like Burnley have recently unveiled their own partnerships, including multimedia collaborations and strategic financial moves. Alan Pace, Burnley’s American chairman, recently heralded a groundbreaking partnership with social platform X Originals—demonstrating that U.S. involvement in the Premier League goes far beyond simple equity or sponsorship deals.

For Forest, the Apollo deal could serve as both a financial safety net and a springboard—if used wisely. With the right investments on and off the pitch, the club can consolidate their Premier League status and continue to build for the future. But risky borrowing means there’s little margin for error.

What Comes Next for Forest?

Nuno Espirito Santo

With the new season fast approaching, attention will turn to the pitch. Forest finished seventh last term—an admirable result considering their recent promotion—and expectations are higher this time around. Fans will be watching closely to see how the club reinvests the funds made available by Apollo and from player sales.

Will the money be used to reinforce the squad, especially in the wake of Elanga’s departure and a possible Gibbs-White exit? Will the stadium expansion finally gain traction? Or will Forest, like so many clubs before them, find themselves weighed down by ambitious financial plans that stretch too far?

One thing’s certain: Evangelos Marinakis and his board have put their chips on the table. The coming months will show whether this high-stakes gamble pays off—or whether the Forest faithful will be left wondering if it was all too much, too soon.

Final Whistle

In the ever-evolving world of football finance, Nottingham Forest’s £80 million loan deal with Apollo Management represents both opportunity and risk. It’s a sign of the times that a club with so much history and a passionate fanbase is now intertwined with global financial powerhouses.

Only time will tell how the story unfolds, but for now, the club stands at a crossroads—balancing ambition with sustainability, and tradition with transformation.