English championship football club faces sanctions from league amid widening deficit
Nottingham Forest, the English professional football club owned by a prominent Kuwaiti family, faces sanctions from the sport’s authorities after posting a loss of £17m ($28m) in its most recent season.
The Al Hasawi family completed their takeover of the club in summer 2012 and through a number of player signings have turned the side into a contender for promotion to the top tier Premier League.
However, with the club’s annual loss widening from £12.2m in the 2011-2012 playing season, Nottingham Forest is currently in breach of Football League Financial Fair Play regulations, which sanctions any team that makes a deficit of over £8m.
As a result, the club could be hit with a transfer embargo, which would stop Nottingham Forest from signing new playing staff.
Annual revenue at the side rose fell by £300,000, while the wage bill rose by £3.5m to £21m.
The club are currently placed in fifth in the Championship and are in contention for one of the play-off places, which will see sides compete against each other in a knock-out format for promotion to the Premier League.