Nottingham Forest posted an operating loss of more than £34m in their latest set of accounts - a figure which is reduced to £15.5m pre-tax.
The figures for the year ending June 2021 incorporate a full season of playing behind closed doors due to the coronavirus pandemic.
The Reds posted an operating loss of £34.4m, compared to £31.9m the previous year and the same figure as for the 2018/19 period.
That was reduced to a loss before tax of £15.5m after interest, profit on player sales and a historical loan write off.
During the financial year, owner Evangelos Marinakis also converted £12m worth of loans to the club into shares, in a continued show of commitment.
The accounts report a drop in Forest’s turnover for the period, from £25.3m to £18.4m, with the club pointing to “a significant decrease” in revenue streams due to “major losses in ticketing and catering income” as a result of the pandemic.
They add: “The decrease would have been much greater if it wasn’t for the great support of the club sponsors, an area in which the club saw growth.
"It’s also worth noting, even though it’s not visible within the club’s income statement, that the fantastic supporter base supported the club, by deferring 2020/2021 season card revenue into 2021/2022. The club will be forever thankful for this support.”
Forest say the pandemic also had a “very notable impact on the commercial performance of the club”.
However, they add that “most of the club’s commercial revenue streams have rebounded well and back in line with previous years’ numbers” following the easing of restrictions.
The strategic report also makes clear Marinakis’ commitment to Forest, having bought the club in May 2017.
It says: “The owners remain committed to the long-term future of the club and its funding. The board sees remaining within the discipline of the EFL’s Profitability and Sustainability Rules to be a high priority which is even more challenging following the pandemic.”
