Despite record revenue, Nottingham Forest made an operating loss of nearly £65 m in 2024/25, after posting a £24 m profit the previous year: https://www.nottinghampost.com/sport/football/football-news/nottingham-forest-finances-revealed
It's not unusual for insurgent Premier League clubs to make big losses as they try to compete with the big six or seven. Should Forest be relegated, they would face financial challenges.
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