Nottingham Forest have set the Premier League rumor mill spinning with a string of bold moves in the summer 2025 transfer window, capturing the attention of fans and pundits alike. With owner Evangelos Marinakis at the helm, Forest have splashed out a remarkable £200 million, breaking their transfer record not once, but twice, and sending a message to rivals that the club is aiming for more than just survival this season.
The headlines have been dominated by the club's pursuit of Manchester City’s James McAtee and Ipswich Town’s Omari Hutchinson, with deals reportedly agreed for a combined sum of up to £67 million. McAtee, the 22-year-old England Under-21 captain, is set to arrive for a fee potentially rising to £30 million. The deal is laced with a sell-on clause and a buy-back option for City, a nod to the midfielder’s pedigree and future potential. Despite making 15 Premier League appearances last season—only three as a starter—McAtee’s reputation has soared, especially after he led England to victory at the European Under-21 Championship, choosing country over club duties at the Club World Cup. That decision now looks like a masterstroke, with his leadership on full display as he hoisted the trophy for the Young Lions.
Meanwhile, Omari Hutchinson’s imminent arrival from Ipswich Town comes with an eye-watering price tag of £37 million, a new club record for Forest. Hutchinson, also part of England’s Under-21 success story, featured 32 times for the Tractor Boys during their ill-fated Premier League campaign, netting three goals and providing two assists. His performances, despite Ipswich’s relegation, caught the eye of Forest’s recruitment team and, if the final details are ironed out, he’ll be pulling on the Garibaldi red before long.
But Forest’s shopping spree hasn’t stopped there. The arrivals of Switzerland international Dan Ndoye and the Brazilian duo from Botafogo, Igor Jesus and Jair Cunha, have added further depth to a squad that new head coach Ange Postecoglou has already praised. In his first press conference at the City Ground, Postecoglou was effusive about the resources at his disposal, claiming, “This squad could be even stronger than the one I had at Tottenham, especially in terms of depth.” For a club that has often battled just to stay afloat in the top flight, these are heady days indeed.
Club captain Morgan Gibbs-White has also reaffirmed his commitment, penning a new long-term contract amid persistent whispers of interest from Tottenham Hotspur. That move, coupled with the influx of new talent, suggests Forest are determined to build on last season’s progress and push further up the table—or perhaps even deeper into Europe.
However, fans hoping to see McAtee and Hutchinson make their debuts in Sunday’s Premier League opener against Brentford will need to be patient. With player registration deadlines looming and no medicals completed as of Thursday night, neither player is expected to feature in the first match of the season. The club’s focus, it seems, is on the long-term value these signings can bring rather than a quick fix for the opening weekend.
The financial side of Forest’s summer has been equally headline-grabbing. Football finance expert Adam Williams provided insight into the club’s spending spree, noting that, “Nottingham Forest’s PSR travails of the last few years have, in my view, been a deliberate and successful gamble. They have recruited to a level that has got them into Europe, and they now have a wage bill befitting of a contender in Europe. They were at £166m in 2023-24. That will have risen significantly in 2024-25 and will do so again in 2025-26. I think there is a chance they will hit £200m in total wages this season, which is comparable to clubs like Inter Milan and Juventus.”
Williams also pointed out that the club’s revenue in 2023-24 was just below £190 million, meaning Forest are operating at a significant loss before factoring in profits from player sales. The amortisation of transfer fees—how clubs spread the cost of signings over the length of player contracts—is expected to creep towards £100 million annually. Yet, thanks to timely sales such as that of Moussa Niakhate before the June 30 accounting deadline and Anthony Elanga’s profitable summer departure, Forest have managed to offset some of those losses.
Despite the eye-watering sums involved, Williams believes Forest are on solid ground regarding the Premier League’s Profit and Sustainability Rules (PSR), at least for the current and upcoming seasons. “They should have loads of PSR headroom, especially with Europa League revenue and the extra matchdays at the City Ground,” Williams explained. Still, he cautioned that UEFA’s financial regulations—especially the Squad Cost ratio and Football Earnings rule—will be a tougher nut to crack now that Forest have qualified for the Europa League group stage.
The club’s European adventure adds another layer of intrigue. Forest are set for a nostalgic rematch with Malmö, their opponents in the historic 1979 European Cup final, as part of the Europa League league phase. The extra revenue from European nights will help the club’s financial picture, but it also brings heightened scrutiny and stricter financial controls from UEFA.
Forest’s transfer strategy this summer appears calculated, if ambitious. The club broke its transfer record twice, first with the capture of Dan Ndoye and then with the eye-catching move for Hutchinson. The acquisition of Dilane Bakwa was also highlighted as a significant addition, further boosting squad depth. With the wage bill potentially reaching heights comparable to some of Europe’s biggest clubs, Forest are clearly aiming to make the most of their return to continental competition.
As for the squad itself, Postecoglou’s arrival signals a new era. The Australian manager, known for his attacking philosophy and no-nonsense approach, inherits a group that’s arguably as talented and deep as any Forest side in recent memory. The blend of youthful promise—exemplified by McAtee and Hutchinson—and experienced campaigners like Gibbs-White gives Forest genuine cause for optimism. The challenge will be integrating the new signings quickly and navigating the dual demands of Premier League and European football.
There’s no denying the risks involved. High spending brings high expectations, and the pressure will be on both Postecoglou and Marinakis to deliver results on the pitch and compliance off it. The club’s financial gamble has paid off so far, propelling them into Europe and raising their profile, but the margin for error is slim with UEFA’s rules looming.
With the Premier League season about to kick off and Europa League nights beckoning, Nottingham Forest stand at a fascinating crossroads. The club’s bold transfer strategy, ambitious spending, and renewed sense of purpose have injected fresh excitement into the City Ground faithful. Whether this summer’s investments will translate into sustained success remains to be seen, but one thing’s for sure—Forest fans have plenty to look forward to as the new campaign gets underway.
