Ben Holland Nottingham Forest FC, one of England’s most storied football clubs, has captured the hearts of fans worldwide with its rich history of triumphs, including two European Cup victories in the late 1970s. As the club navigates the competitive waters of the Premier League in 2025, questions about its ownership remain a hot topic among supporters and analysts alike. Who owns Nottingham Forest FC today? The answer lies primarily with Greek shipping tycoon Evangelos Marinakis, who has steered the club since 2017 through promotions, controversies, and ambitious redevelopment plans. In this comprehensive guide, we’ll explore the Nottingham Forest owner, the club’s ownership history, and what Marinakis’s leadership means for the Reds’ future. Whether you’re a die-hard Tricky Trees fan or a casual Premier League follower, understanding the ownership structure sheds light on the club’s trajectory.
A Brief History of Nottingham Forest FC Ownership
To grasp who owns Nottingham Forest FC in 2025, it’s essential to trace the club’s ownership evolution. Founded in 1865 as Forest Football Club—making it one of the world’s oldest professional teams—the club’s early governance was committee-based, with figures like J.S. Scrimshaw serving as the first chairman. This era laid the groundwork for Forest’s identity, but it wasn’t until the late 20th century that individual owners began shaping its destiny more prominently.
The modern ownership saga kicked off in the 1990s amid financial turbulence and relegations. Nigel Doughty, a British property magnate, emerged as a pivotal figure in 1999. Taking over as owner and chairman, Doughty injected stability and funds—estimated at over £100 million—into the club during a period of managerial flux under figures like Ron Atkinson and David Platt. His tenure saw Forest oscillate between the Premier League and Championship, but it ended tragically with his death in February 2012, leaving the club in limbo.
Enter the Al-Hasawi family from Kuwait in July 2012. Fawaz Al-Hasawi acquired a controlling 75% stake, with relatives holding the rest, promising a three-to-five-year vision for success. However, this period was marked by instability: eight managers cycled through in five years, including Billy Davies and Mark Warburton, and the club languished in mid-table Championship obscurity. Fan frustration grew over perceived mismanagement, culminating in the family’s sale of the club in 2017.
Evangelos Marinakis: The Current Nottingham Forest Owner
Since May 18, 2017, Evangelos Marinakis has been the majority owner of Nottingham Forest FC, acquiring the club for a reported £100 million through his investment vehicle. A Greek businessman born in 1967 in Piraeus, Marinakis brings a diverse portfolio to the table. Educated in international business and relations, he hails from a shipping dynasty—his father, Miltiadis Marinakis, was a prominent shipowner and politician. Today, Marinakis chairs Capital Maritime & Trading Corp, overseeing a fleet of over 146 vessels valued at more than $13 billion across tankers, LNG carriers, and bulk ships. His net worth stands at approximately $3.6 billion, primarily from this maritime empire.
Marinakis’s foray into football began earlier with Olympiacos FC, which he bought in 2010. Under his stewardship, the Greek giants claimed 11 domestic league titles and multiple cups, showcasing his hands-on approach to club management. This success translated to Nottingham Forest, where he partnered with minority stakeholder Sokratis Kominakis. The ownership structure is straightforward: NF Football Investments Limited holds 100% of the club, with Marinakis as the ultimate controlling entity.
What sets Marinakis apart as a Nottingham Forest owner is his blend of ambition and controversy. Upon acquisition, he vowed to return Forest to European glory within five years—a bold pledge echoing the club’s halcyon days under Brian Clough. Investments poured in: £50 million earmarked for City Ground redevelopment in 2019, including expanded seating and premium facilities; upgrades to the Nigel Doughty Academy; and a data-driven recruitment overhaul led by head George Syrianos. These moves paid dividends in 2022 when Forest clinched promotion to the Premier League after a 1-0 playoff final win over Huddersfield Town—their first top-flight return in 23 years.
Key Milestones Under Marinakis’s Ownership
Marinakis’s era hasn’t been without hurdles, but it has delivered defining moments. The 2022 promotion was a watershed, injecting £150 million in Premier League revenue and enabling squad bolstering with signings like Jesse Lingard and Taiwo Awoniyi. Survival in the 2023-24 season, despite a four-point deduction for breaching Profit and Sustainability Rules (PSR)—losses of £61 million exceeded by £34.5 million—highlighted resilience. Forest finished 17th with a record-low 32 points for a non-relegated side, but they defied odds with late wins, including against Burnley.
By the 2024-25 season, momentum built. Forest secured seventh place, earning a spot in the 2025-26 UEFA Europa League—upgraded from the Conference League after Crystal Palace’s exclusion due to multi-club ownership rules involving Newcastle United. This European return, the first since 1995-96, underscores Marinakis’s vision.
Stadium enhancements remain a cornerstone. The City Ground, Forest’s iconic home since 1898, is undergoing phased expansions to boost capacity from 30,445 to over 38,000. Plans include riverside developments and fan zones, funded partly by Premier League spoils. Off the pitch, Marinakis has championed social causes: hosting a 2024 anti-racism conference with Harvard University and the Lilian Thuram Foundation at the City Ground, and supporting homelessness initiatives like Framework’s Homeless to Home Challenge.
Challenges and Controversies in Forest’s Ownership Landscape
No discussion of who owns Nottingham Forest FC would be complete without addressing the turbulence. Marinakis’s style—intense and interventionist—has led to rapid managerial turnover. Since 2017, nine bosses have come and gone, including Steve Cooper’s 2023 sacking, Nuno Espírito Santo’s August 2025 departure amid a strained relationship, and Ange Postecoglou’s shock 39-day stint ending in October 2025 after a dismal run. These shifts reflect Marinakis’s high expectations, but they’ve fueled fan debates on stability.
Regulatory scrutiny has also loomed. In April 2025, Marinakis diluted his direct control—stepping back as a “person with significant control”—to comply with UEFA’s multi-club ownership rules, given his Olympiacos stake. This restructuring, via NF Football Investments, ensures Forest’s European eligibility without conflicts, though Marinakis retains ultimate authority. Broader controversies, like a 2024 five-match Premier League ban for spitting toward officials (later deemed unintentional), and past Greek legal clearances on match-fixing allegations, have cast shadows. Yet, acquittals in cases like the 2015 Koriopolis scandal affirm his focus on legitimacy.
Financially, PSR breaches highlight the tightrope of ambition. The 2024 deduction tested resolve, but it spurred smarter spending, blending loans with shrewd acquisitions. As of October 2025, with Nicholas Randall KC as chairman, the structure emphasizes compliance and growth.
The Future Under Marinakis: Ambitions and Outlook
Looking ahead, Marinakis’s ownership positions Nottingham Forest for sustained Premier League contention. Europa League participation in 2025-26 offers revenue and prestige, potentially funding further infrastructure like the delayed Peter Taylor Stand. Recruitment will lean on analytics, targeting versatile talents to suit Nuno’s successor—rumors swirl around bold appointments.
Marinakis’s multi-club model, including 2023’s €20.5 million Rio Ave acquisition, fosters synergies: player loans, scouting networks, and best practices. For fans, this means a club evolving from Championship yo-yo to European hopeful, rooted in Clough’s legacy.
In summary, Evangelos Marinakis owns Nottingham Forest FC as its majority stakeholder, transforming a beleaguered outfit into a Premier League mainstay. His shipping-fueled wealth and football acumen promise excitement, tempered by lessons in governance. As the Reds chase glory at the City Ground, one thing’s clear: under Marinakis, Nottingham Forest’s story is far from over.
References
- BBC Sport. “Who is Marinakis and is he still in control of Nottingham Forest?” https://www.bbc.com/sport/articles/c7vl9dgvj82o
- Wikipedia. “Evangelos Marinakis.” https://en.wikipedia.org/wiki/Evangelos_Marinakis
- Wikipedia. “Nottingham Forest F.C.” https://en.wikipedia.org/wiki/Nottingham_Forest_F.C.
- Wikipedia. “List of owners of English football clubs.” https://en.wikipedia.org/wiki/List_of_owners_of_English_football_clubs
- BBC Sport. “Nottingham Forest: Evangelos Marinakis dilutes control of club to meet Uefa rules.” https://www.bbc.com/sport/football/articles/cqx4731y4zpo
- Nottingham Forest News. “Nottingham Forest Club Owner.” https://www.nottinghamforest.news/club/owner/
- The City Ground. “Chairmen.” https://www.thecityground.com/chairmen.php
- Nottingham Forest Official Website. “History of Nottingham Forest.” https://www.nottinghamforest.co.uk/club-information/history/club-information-history-of-nottingham-forest/
