TIMES are changing at Meadow Lane where, ever so quietly, they whisper about money being no issue when it comes to the building of a squad that can win promotion to League One.

But, while Sven-Goran Eriksson's arrival may have snatched some of the limelight in the city, there may well be a change of tide on the opposite bank of the River Trent as well.

Because the Magpies are not the only club in Nottingham with lofty ambitions, or, just as importantly, the finances to back them up.

It may be that the conservative public message pressed home by Billy Davies has helped to dampen expectation levels at the City Ground.

But, while the Scot, for understandable reasons, is not ready to admit it, it becomes harder and harder to overlook one simple fact.

This season, Nottingham Forest do have a chance of winning promotion.

They are not yet ready to be considered among the favourites to go up automatically or to challenge for the title.

But the opportunity could nevertheless ultimately be there. The Premiership could be within touching distance.

And it appears that one man more than most is beginning to realise this.

Not Davies, but Nigel Doughty.

The chairman has never been shy when it comes to putting his hand in his pocket, financing an annual loss of up to £8m almost every year as well as funding several big signings last summer.

But now, it seems, the chairman is willing to back Davies again in a few weeks' time to ensure that, if Forest do fail to make the play-offs, it is not because of a lack of strength in depth; that this season will not be an opportunity missed.

Just because, like Notts, Forest are not shouting from the rooftops about their intentions, it does not mean that January will not make interesting viewing for many Reds supporters.

In times gone by, Doughty has not been short of his critics. In the year following the play-off semi-final defeat at the hands of Sheffield United, Paul Hart was made to cut his squad, rather than add to it.

Such decisions were perhaps influenced by the business instincts that have stood Doughty in such good stead as he amassed his personal fortune – as well as the damage done when David Platt was given almost free rein in the transfer market and ended up investing millions of the chairman's cash, largely, in a mixture of the over-the-hill and under-achievers.

It remains hard to criticise a man whose personal investment in the club is close to topping the £50m mark.

But now, while Doughty's caution will not disappear overnight, there appears to be the recognition that Davies is not another Platt.

Nicky Shorey, a former England international, arrived on loan from Aston Villa this week with noises already being made about a permanent move in January.

And, with the club still targeting Spurs' Welsh international defender Gareth Bale, as well as several other targets – including a midfielder and a striker – Doughty is, it seems, prepared to put his faith in Davies like no boss since Platt.

Having already spent around £9m last summer, Doughty is set to give the green light for further signings provided, that is, that they can be made for the right price.

But then, even as a businessman, he can probably see that it would not be entirely a gamble, but an investment.

Because Davies is a man whose recent track record proves he can be trusted when the purse strings are loosened.

There are a few Derby fans who might disagree. But the situation was different at Pride Park, where the Scot found himself trying to assemble a team for the top flight in a matter of weeks, after securing promotion via the play-offs.

At Forest, he has not made a bad signing since he arrived in January. Many of his captures have, in fact, proved to be outstanding.

Paul McKenna is the leader Forest have been missing for years, while Dele Adebola is another who provides some much-needed experience, as well as physical power.

Otherwise, Forest's recent signings have nearly always been players who already look like sound investments for the future, both for the role they can play in the team and, if they were to move on, in terms of potential profits in the transfer market.

Polish international Raddy Majewski looks to be an outstanding prospect, as does Chris Gunter, who has already established himself as first-choice full-back for Wales.

Dexter Blackstock is a player capable of scoring well into double figures this season, while David McGoldrick has the ability to create, as well as find the net.

But new additions are vital. A handful of injuries could change the picture dramatically.

And, a few weeks ago, the manager appealed for the club hierarchy to give him a budget to work with; he requested clarity over how much money he might have available to him in January.

It is unclear whether he has been given that. But it is understood that his list of potential targets was received positively by the acquisitions panel, when it met earlier this week.

The club must avoid a repeat of 12 months ago, when Davies provided a list of six or seven potential targets, only for none of them to be signed.

But Forest have certainly made their intentions clear, with the capture of Shorey.

Davies has already stated that he is the calibre of player he hopes to sign when the window opens in January. Hopefully that ambition will be shared by the club.

Because, if Shorey truly is a sign of what is to come then, in the months ahead, there could be two clubs in the city who are able to look forward, with optimism, towards a very bright future.