By Andrea Caropreso
Index
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After coming close to returning to the Champions League, Nottingham Forest is not going through an easy moment in the current Premier League season. However, it is important to highlight the club’s corporate and economic journey, which allowed it to reestablish itself among the top of English football. On the Italian side, Lazio — which finished in the same league position — has instead continued on a path of austerity to keep its finances in order. Two different approaches that reflect the gap between the Premier League and Serie A.
Nottingham Forest’s Financial Report
2024 ended positively for Forest. After years of losses and heavy spending to consolidate its place in the Premier League, the club owned by Evangelos Marinakis managed to post a profit, marking a turning point in its financial management. According to the financial report, Forest recorded a profit of around €14.2 million, achieved thanks to a series of player sales that generated nearly £100 million. A breath of fresh air for the club’s finances in a context where costs keep rising and the Premier League remains a financially unforgiving environment. At the same time, this player trading activity allowed the club to secure a European spot and make high-level signings in the last transfer window.
Nottingham Forest Financial Comparison
| Item | 2023 (€ mln) | 2024 | 2024 (€ mln) | % Change |
|---|---|---|---|---|
| Total Revenue | 154.8 | 189.6 | 221.8 | +22.5% |
| Operating Loss | -70.0 | -73.3 | -85.8 | -4.7% |
| Pre-tax Profit | -43.0 | +12.1 | +14.2 | +128% |
| Total Expenses (wages, amortization, costs) | 203.1 | 250.2 | 292.7 | +23.2% |
| Net Equity | 109.6 | 119.5 | 139.8 | +9.0% |
Total revenues increased by 22.5% compared to 2023, the first year back in the Premier League, rising from £154.8 million to £189.6 million (around €221.8 million). The growth was driven mainly by broadcasting rights — now representing over two-thirds of total revenue — but also by higher commercial and matchday income, thanks to the club’s greater stability in the top flight. The downside remains the cost structure, which continues to expand. Total expenses, including wages, bonuses, and player amortization, reached €292.7 million, up more than 23% year-on-year. As a result, the operating result is still negative, with estimated losses around €85.8 million.
Lazio’s Financial Report
Despite a prolonged absence from the Champions League, Lazio confirmed its financial solidity in 2024, managing to keep its accounts in order and showing growing stability. The 2024 financial year marked a return to profit after five consecutive years of losses, with a net result of €38.5 million, compared to a deficit of nearly €30 million just a year earlier.
Lazio Financial Highlights 2024
| Item | Amount (€ mln) | Change vs 2022/23 | Main Notes |
|---|---|---|---|
| Production Value | 195.5 | +8.5% | Record revenue in club history |
| Total Revenue | 236.4 | +6.2% | Boosted by player sales and UEFA rights |
| Total Operating Costs | 192.2 | +2.8% | Moderate increase in management costs |
| Staff Costs | 116.0 | +3.5% | Around 60% of production value |
| Operating Result | 44.2 | +21.0% | Significant margin improvement |
| Net Profit | 38.5 | +17.2% | Return to profit after five years |
| Net Financial Position | –38.1 | — | Positive cash position |
| Total Debt | 177.5 | –45.5 mln | Sharp drop from €223m the year before |
| Net Equity | 0.39 | +38.4 mln | From deficit to positive balance |
According to official data, production value reached €195.5 million in 2024, up 8.5% from the previous year, while total revenue (including capital gains) amounted to €236.4 million, an increase of 6.2%. Total operating costs stood at €192.2 million, up 2.8%, with staff expenses of €116 million, about 60% of production value. On the balance sheet, net financial debt was –€38.1 million, indicating a positive cash position. Total debt fell to €177.5 million from €223 million in 2023.
Net equity also turned positive at €0.39 million, after years of negative values — a symbolic yet important improvement. Despite these solid results, Lazio was unable to operate in the transfer market last summer. Covisoc blocked transactions in March 2025 after reviewing the interim financial statement, which revealed non-compliance with all three FIGC parameters: liquidity index (0.35 vs the minimum 0.7), debt ratio (above 1.2), and labor cost-to-revenue ratio (over 0.8).
By Andrea Caropreso
