Obviously I don't want to overlap with the analysis of my fellow blogger, but it seems to me that the salient points are:
- The club's total loss is £4.2 million, compared to a stonking £8 million in the previous year
- Annual turnover was £9.2 million, an increase or £1.3 million
- 90% of turnover was spent on staff costs (wages, NI contributions etc) - this is way above the Football League's benchmark figure of 75% for clubs in the bottom two tiers of the league
- The sale/release of players on high wages has reduced the burden, as has CC's frugal spending in the transfer market - new player purchases were financed by the release of others
- Nigel Doughty loaned the club £3 million last season, saving the demanding repayment terms and interest costs of using external sources of finance
- The operating deficit of £4.2 million would most likely be plugged should Forest earn promotion to the Championship, which, it is estimated, would be worth £4-5 million per annum
So, once again, we owe the chairman a debt of gratitude for finding the cash, contrary to what many critics seem to claim. Yes, they are loans, but given that the club will continue to operate at a loss for at least another season (possibly more, depending on when we get promotion and when the rewards from said promotion starts to flow inwards), I doubt that Mr Doughty will realistically expect the money back in the short or even medium term.
Everyone is entitled to their opinion, but the above figures should serve as a stark reminder that without Nigel Doughty, Forest may very well not exist today.