Nottingham Forest have announced a loss of £21.5m for the 2014/15 season, a reduction on previous years as the club seeks to have its transfer embargo lifted

Allowable losses under Financial Fair Play regulations during 2014/15 were £6m, hence the embargo. The previous season’s losses of £22.9m have been ‘restated’ as £24m, an adjustment of £1.1m .

The debt owing to the Al Hasawi family has increased from £37m to £67m. However, the loans are ‘repayable only at such time as the club is in a position to repay’. Net debt stands at £82m, an increase of £30m on the 2013/14 season.

The accounts state that the owner and chairman Fawaz Al Hasawi ‘has confirmed his intention to maintain his support for a period of at least twelve months’.

Turnover increased from £15.3m to £17.4m while average attendance and season tickets sold were also up to 23,492 and 15,482 respectively. Wages increased from £24m to £26m.

Companies controlled by the Al Hasawi family were charged £1.1m for ‘sponsorship of the club shirt and certain sponsorship areas around the stadium’.

The accounts’ business review stated: ‘The 2014/15 season was a time of missed opportunity for the club when early success was halted by injuries to key players, and hard decisions and decisive action proved necessary to rescue the situation.

‘Preparation to meet the challenges of FFP also adversely affected the season as management worked tirelessly behind the scenes to thrive in the changed environment.’

The club hopes to end its current transfer embargo, imposed under FFP regulations, in the summer. It is hoped cost-cutting under Dougie Freedman, including the £7m sale of Michail Antonio, will bring the 2015/16 accounts in line with the revised maximum loss of £13m.

Steve Wright has a more in-depth analysis on his blog Mist Rolling in from the Trent.

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