AliousEvangelos Marinakis Steps Back at Nottingham Forest — Major Shake-Up Sparks Questions Over Club’s Vision and European Ambitions*
Nottingham Forest have undergone a dramatic shift at the top, as club owner Evangelos Marinakis steps back from direct control—sending shockwaves through the club and casting doubt over the long-term viability of its strategic model.
The Greek shipping magnate, who took over the club in 2017 alongside business partner Sokratis Kominakis, has reportedly relinquished control following a series of official submissions to Companies House. The timing of this move is no coincidence. With Forest sitting sixth in the Premier League and Marinakis’ other club, Olympiacos, set to win the Greek Super League, both are poised to qualify for next season’s Champions League—a situation that directly conflicts with UEFA’s ownership rules, which prevent clubs with shared ownership from competing in the same European competition.
To comply with these regulations, Marinakis has distanced himself from Forest, though many believe his influence may persist unofficially behind the scenes. Finance expert Stefan Borson told *Football Insider* the situation exposes a major flaw in the widely adopted multi-club ownership model. “It makes a mockery of it,” Borson said. “You’re forced to pick which club advances, and that undermines the integrity of the entire system.”
Similar dilemmas have plagued other football empires. INEOS faced scrutiny with Manchester United and Nice, and the City Football Group had to place shares in Girona into a blind trust to allow them to compete in the Champions League alongside Manchester City. According to Borson, the Forest situation is part of a growing pattern that UEFA’s current rules aren’t equipped to handle.
The recurring issue, he warns, is that if multi-club models are successful—as intended—clubs will inevitably collide in European competition. “It’s going to be a problem every year,” he said. “And if you can’t transfer players between clubs, like City and Girona or United and Nice have been restricted from doing, then what’s the point of the model?”
The ownership shuffle comes as Forest are reportedly targeting Manchester City midfielder James McAtee. The 22-year-old, who has notched seven goals this season, is considering a move away from the Etihad in search of regular football. Forest are among several clubs monitoring his situation, with McAtee eager to reignite his career elsewhere if opportunities remain limited in Manchester.
The club’s pursuit of rising talent like McAtee suggests Forest remain ambitious on the pitch, but the latest move from Marinakis has raised serious questions about the sustainability and transparency of their off-field strategy. With UEFA regulations tightening and multi-club ownership models under increasing scrutiny, Forest may find themselves navigating this same crisis year after year unless major reform takes place.
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