Keith Wyness, Everton’s former manager, feels Evangelos Marinakis demonstrated his devotion to Nottingham Forest by converting debt into equity.
Speaking on the latest episode of Football Insider’s Inside Track podcast, the 66-year-old, who was CEO at Goodison Park from 2004 to 2009 and now runs a football consultancy advising elite clubs, suggested the Greek owner’s behind-the-scenes activity is “very positive” for the club going forward.
The Premier League club has struggled financially in recent seasons, including a points deduction earlier this year for violating profit and sustainability rules (PSR).
Forest were thought to be on the point of exceeding the limitations again in 2023-24, but some last-minute agreements are expected to keep them inside the £105 million quota for the following three years.
Marinakis has made several attempts to convert debt to stock in recent years, and a Companies House report on July 5 shows that Forest currently has 12.2 billion shares in circulation.
Evangelos Marinakis makes commitment to Nottingham Forest
However, Wyness explained that the amount of shares means very little, as it is typical for an owner to take such a stance in order to promote his club.
He told Football Insider’s Inside Track podcast: “I believe there are approximately 12.2 billion shares outstanding, each valued at about 1p.
“It’s made news because 12.2 billion is a large amount, but it actually means nothing.
“It’s extremely typical for an owner to do this, and Marinakis’ conversion of part of the debt from the money he’s invested in the club into equity is a very good sign.
“It just becomes a mathematical formula as to how many shares must be issued to accomplish that.
“It’s nothing extraordinary, but it’s really positive for the club that he’s changing the debt into equity, as he has done on a few of occasions before.
“It’s just him showing his commitment to support the club, so I take it as a very positive sign.”
