Who owns Nottingham Forest — and what that really means

If you follow football even a little, ownership stories never stay quiet for long. They’re full of boardroom drama, big money, promises about the future — and sometimes surprising twists. Nottingham Forest’s ownership story is exactly that: a mix of ambition, investment, and a recent manoeuvre that shows how complicated modern football can be when a single person’s interests stretch across multiple clubs.

The short answer

The principal owner of Nottingham Forest is Greek businessman Evangelos Marinakis — a shipping magnate who purchased the club in 2017 and has been its majority shareholder since.

The longer, juicier version

Picture this: a historic English club with a trophy cabinet that once included back-to-back European Cups is trying to find its place in the modern Premier League era. In 2017, Nottingham Forest’s then-owners sold the club to Evangelos Marinakis, who already had a high profile in football as the owner of Greek giants Olympiacos. Marinakis arrived promising investment in the playing squad, training facilities and — importantly for fans — ambition to get Forest back into the top flight and beyond.

Marinakis isn’t a one-club hobbyist. His business interests span shipping (Capital Maritime & Trading Corp), media, and multiple football investments. That mix is why ownership-watchers keep a close eye on his moves: he has the resources to back a club, but overlap between clubs he controls can create regulatory headaches.

Why that became a problem — and what he did about it

UEFA rules are clear: a single person or entity shouldn’t be in control of two clubs that both qualify for the same European competition (Champions League, Europa League, Conference League). In 2025, as Nottingham Forest pushed toward a rare spot in European qualification while Olympiacos were also in the running in Greece, Marinakis faced the prospect of a conflict of interest. To avoid breaching UEFA rules, he took a pragmatic (and unusual) step: he transferred his shares in Nottingham Forest into a blind trust and withdrew himself from formal control filings, effectively stepping back from day-to-day influence while remaining the club’s ultimate owner. This move was done through Companies House filings and reported by major sports outlets.

A blind trust doesn’t mean the owner has sold the club. It means the shares are placed into an independent structure so the owner is no longer a “person of significant control” for regulatory purposes while the trust manages those shares. It’s a legal workaround to satisfy rules about influence and to avoid penalties if both clubs play in Europe. Think of it as putting your voting power in a sealed envelope and asking an independent referee to keep it until the tournament ends.

What that means for fans and the future

• Stability (mostly): Marinakis’ investment brought Forest back to the Premier League and funded improvements. The blind trust doesn’t automatically change budgets or transfers — but it does alter the optics: fans and journalists now ask who’s really calling the shots on big moves.

  
  

• Governance spotlight: Modern football owners are under more scrutiny than ever. Steps like blind trusts are legal and allowed, but they raise questions about transparency and accountability that supporters and regulators care about.

  
  

• Possible future outcomes: If one of Marinakis’ clubs fails to qualify for the same European competition or if he restructures his holdings, he could reassert direct control. Alternatively, a sale (partial or full) remains possible — as with any club whose value has risen with on-field success.

  
  

A quick timeline

• 2017: Evangelos Marinakis buys Nottingham Forest and becomes majority shareholder.

• 2022: Under the ownership era, Forest return to the Premier League after a long absence — a major milestone.

• 2025: Marinakis places his Forest shares into a blind trust and withdraws himself from Companies House control listings to avoid conflict of interest with Olympiacos as both clubs eyed European competition.

  
  

Final take — why ownership stories matter

Clubs are more than teams: they’re civic symbols, businesses, and emotional investments for supporters. Who owns a club affects transfer budgets, stadium development, youth investment and — crucially — the club’s identity. Evangelos Marinakis’ ownership has brought money and a clear plan, but it also brings the complexities of a multi-club owner navigating modern football’s rules. The blind trust is a clever, tidy legal fix for a specific problem — but for supporters it’s also a reminder that the game is now as much about boardrooms and regulations as it is about goals on the pitch.