Nottingham Forest have some 12.2 billion shares in issue after a series of moves by owner Evangelos Marinakis to convert debt to equity.
Prior to that, the Forest owner had done the same with a £41m debt to equity move during the 2021/22 financial year, with conversions of £12m and £20m happening in the two years prior.READ MORE: Women’s Football News July Issue On Sale Now Converting owner debt into equity is not a new phenomenon in football and is usually motivated by wealthy and generous owners choosing to improve the balance sheet by making such a move, removing a chunk of debt burden and any interest that may be being paid on director loans.
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