Doughty takes spending on Forest to £45m
CHAIRMAN Nigel Doughty underlined his commitment to Nottingham Forest – by putting £6.6m into the club out of his own pocket last season.
Accounts released by the club today, it shows the owner ploughed in the cash to almost make up for the £6.7m loss the club ran up in 2007/08.
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Commitment: Nigel Doughty continues to back Forest
Missing out on cup runs saw the club's income reduced from £9.2m to £7.6m.
Bonuses triggered by winning promotion to the Championship saw the Reds staff costs rise to £7.7m – £100,000 more than the club made.
But finance director John Pelling said the club was in a healthy position because the chairman had made it clear he was prepared to bridge the gap between the loss and any money recouped from player sales.
He said: "Since 1999 Nigel has put in £45m, £11m in equity and £34m through debt.
"Nigel has put in over £6m last year and it is not a subject up for debate with him – he shows no signs at all of not supporting the club financially.
"He has made that clear on a number of occasions and his commitment remains there to keep the club going in the size and shape that it is. We cannot hide the fact we place a lot of reliance on Nigel, but there is obviously a lot of trade going on in terms of gate revenue, commercial revenue as well, without which the club could not survive.
"We're fortunate that we have Nigel's support and the key aspect for me is keeping him informed so he has an expectation of where we are going to be financially.
"We would not have gone for that level (of staff budget) if he had not been informed of it at the start of the season and wasn't aware of the financial implications of the decisions we make as and when we are bringing players in or signing new contracts.
"I need to keep Nigel informed all the time of where we are financially and the financial implications of the decisions we make.
"We had revenue of £7.6m last year while in League One and this year I would expect the revenues to go to the order of £11m or £12m.
"Clearly that is better news but with that comes enhanced contracts and payments so we are still expecting to run at a loss even this year in the Championship.
"But we are financially in a very healthy position because we have a backer in Nigel who is prepared to back us in the transfer market and with player contracts."
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by S, Wilford
Monday, December 15 2008, 12:05AM
“Thanks Gary for those incisive pearls of fiscal wisdom.
So, now you have gotten that off your chest. The 4.5mill Doughty has chipped in so generously, did he do it as he's top bloke or for his monthly Profit and Loss statement?
Seriously Gary, you underestimate the people out here and our capacity to workout which side of the fence you are on.
Doughty is a a businessman
first and always.
Don't try to defend the idnefensible anymore, its past the point of no return. He tried, he supported (to what degree, will always be debatable) and he failed.
Keep banging on about out knight in not so shiny armour and how he saved us from ourselves and certain oblivion is old hat.
Results Gar, results are what make the world go round, not how much folding you have and how you don't spend it wisely.
Doughty doesn't want ex players or managers he can't control.
Bottom line he wants yes men. Benevolent dictator perhaps, but no saviour and running out of time.
Too many bad signings, too many broken promises, too many lame duck managers. No one with any football nous to help because Nigel Doughty wants the glory. Well if propping up the CCC is glory, then he's sets incredibly "Low Standards" or perhaps that should be Key Performance Indicators!!
If Doughtys reign has been so 'wonderful' for Forest why are we doing so badly.... was there an "R" in the month or the moon on the wrong side of Saturn?
The truth hurts Gary and in case you haven't realised Forest is club hurting... 10 years of hurting to be blunt.”
by Joe Baker, Zigger Zagger
Sunday, December 14 2008, 8:26PM
“Gary, Westborough, TOTAL TOSH, HE'S CHARGING ABOUT 12% INTEREST ON THE MONIES HE PUT UP, which is far more than he can get elsewhere , so whilst the loans might not be repaid, he's lapping up the interest”
by terry mellard, nottingham
Sunday, December 14 2008, 8:17PM
“Stop Bleeting Rams Fan who asked you to chip in we all know what Derbys famous for its all that sheep s-it comes out of both ends”
by dave1884, derby, home of the rams.
Sunday, December 14 2008, 6:35PM
“i'm glad to see forest aren't as rich as their fans make out.
next time you lot have a pop at the rams concerning our finances, you might want to take a look at yourselves from now on.
imagine what would happen if you chairman decided to call it a day and moved on, you'd be really up creek without a paddle. then again, you boat is slowly sinking anyway, sinking back to league one.
up the rams.”
by Gary, Westborough
Sunday, December 14 2008, 4:03PM
“Anybody slagging ND off here doesn't have a clue about the realities of the footballing world that Forest must survive in now. The monies ND has put in have either been to buy out shares (equity) in a failing business or for the most part, in the form of directors loans. That means he just puts money into the club for no benefit, with no guarantee of a return. The directors loans can only really be repaid out of profits earned. Since Forest are operating at a loss year on year, ND is keeping Forest afloat. There is no mention of any agreed interest rates in any accounts so don't just make stuff up. Most people on here slagging ND off haven't got a clue about the difficulties of running a football club let alone a business. When ND took over Forest they were facing bankruptcy and about to go out of business for good. ND is the reason Forest are still in business & you & I can still moan about them at all. I for one, like many other fans thank him whole heartedly for all his efforts. ND pays over £6m a year for his season ticket, is a genuine fan, but still gets slagged of by idiotic nobodies for the privelage. Luckily he doesn't listen to Mr nobody the part time footy pundit for his business advice. He has made a success of every business he has ever bought & given time will do the same with Forest. Thank you ND, keep the faith & ignore the idiots. They know not what they say or do.”