Nuno Espirito Santo's Uncertain Future at Nottingham Forest
Nuno Espirito Santo's future as Nottingham Forest manager is in doubt following a deterioration in his relationship with owner Evangelos Marinakis.
In April, the Greek businessman ceased to be a "person with significant control" at the club to comply with UEFA's multi-club ownership regulations.
So, what is the current status? Is Marinakis still in charge of Forest? And what are the rules surrounding multi-club ownership?
Why Did Marinakis Dilute His Control of the Club?
On April 29, Forest was just two points away from third place and very much in contention for the Champions League. This was the date Marinakis officially stopped being a person of control at the club, as recorded by Companies House, the UK government agency that maintains the register of companies.
The notice stated the "cessation of Evangelos Marinakis as a person of significant control" with respect to NF Football Investments Limited, the entity that owns the City Ground club. This was accompanied by a one-page document that had been authorized and filed electronically.
The reason behind this move? Marinakis also owns Greek team Olympiakos, which was also in line for a Champions League spot. UEFA regulations prohibit clubs under common ownership from competing in the same European tournament. Thus, Marinakis had to, at least on paper, relinquish his status as a person with significant control over Forest.
At that time, a club source informed the BBC that Marinakis remained the owner and was still committed to the Premier League side. This appeared to be a mere formality. Should Forest fail to qualify for the Champions League, Marinakis could reclaim his status as a "person of control".
Indeed, he was seen on the pitch speaking to Nuno after a 2-2 home draw against Leicester on May 11, which had serious implications for their European ambitions. Ultimately, Forest finished seventh and qualified for the UEFA Conference League, later being promoted to the Europa League.
Conversely, Olympiakos secured their place in the Champions League after finishing seven points clear at the top of the Greek Super League. As there was no conflict in UEFA's view, Marinakis could once again be recognized as the owner of both clubs.
On June 12, Companies House issued another update, stating: "Notification of Evangelos Marinakis as a person of significant control on June 6, 2025." The accompanying document indicated that "the person holds, directly or indirectly, 75% or more of the shares in the company."
The Crystal Palace Subplot
Clubs must comply with UEFA's multi-club ownership rules by a March 1 deadline. Although Forest took action on Companies House after this deadline, it ultimately did not matter as they did not end up in the same competition as Olympiakos.
However, another Premier League club faced a different situation. Crystal Palace, not expecting to compete in Europe, found themselves in the Europa League following an unexpected FA Cup final victory over Manchester City. Unfortunately, they missed the UEFA deadline regarding multi-ownership rules.
Palace co-owner John Textor also held a significant stake in French club Lyon, which had also qualified for the same UEFA competition. However, because no action had been taken on Companies House in time, the Eagles were relegated to the Conference League, despite appealing to the Court of Arbitration for Sport (CAS). Nottingham Forest took their place in the Europa League.
Marinakis-Nuno Relationship Breaks Down Over Summer
It appears that the rift between the manager and owner emerged over the summer. It seems implausible that between April 29 and June 6, Marinakis did not exert control over the club.
According to BBC Sport, one source of tension between the two was the perception that Nuno was not fully involved in the club's recruitment efforts this summer. Nuno stated on Friday: "I always had a very good relationship with the owner - last season we were very close and spoke daily. This season, however, it is not as good between us, but I believe dialogue is essential because my priority is the squad and the upcoming season. Our relationship has changed, and we are not as close. I think everyone at the club should be united, but that is not the reality."
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