Forest owner Marinakis converts 41 million pounds of debt into equity
FILE PHOTO: Soccer Football - Europa League - Round of 32 First Leg - Olympiacos v Dynamo Kiev - Karaiskakis Stadium, Piraeus, Greece - February 14, 2019 Olympiacos owner Evangelos Marinakis before the match REUTERS/Alkis Konstantinidis/File Photo
Owner Evangelos Marinakis has made a "significant financial commitment" to Nottingham Forest by converting 41 million pounds ($49.12 million) in loans into equity, the Premier League club said on Thursday.
Marinakis, chairman of shipping group Capital Maritime, took over Forest in 2017. He also owns Greek club Olympiakos.
"Converting the 41 million pound debt into equity helps relieve the financial burden on the club, reaffirming Marinakis' commitment to the continued development and future success of Nottingham Forest," the club said in a statement.
"The move forms part of the club's financial accounting process for its 2021/22 accounts.
"This follows a similar conversion of 12 million pounds of debt into equity in the previous year and over 20 million pounds in the year before that."
Forest are 13th in the Premier League standings on 25 points from 24 games.
($1 = 0.8347 pounds)
