Nottingham Forest owner Evangelos Marinakis has reduced the club’s debt by converting another £11m of loans into shares for the financial year 2022-23. Marinakis gave the green light to another 13 signings in the summer, taking Forest’s investment in the transfer market to £250million since their return to the Premier League.The practice of converting loans into shares lowers the debt burden on the clubIt also underlines the Greek shipping magnate’s desire to remain in the top flightForest hope to strengthen again in January, but their budget may be influenced by their ability to move players out of the exit.Scott McKenna will be allowed to leave with his contract set to expire in the summerForest are also likely to listen to any offers for club captain Joe WorrallThe move forms part of the club’s financial process for its 2022-23 accounts. Details of the arrangement have been submitted to Companies House.It is the fourth consecutive year in which Marinakis has converted club debt into equity. In the 2021-22 financial year, the owner converted £41m worth of loans into shares. This follows a similar conversion of £12m in 2020-21 and over £20m in 2019-20.Forest face Tottenham at the City Ground tonight, as Steve Cooper looks to address a run of one win in 12 Premier League games.
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