🔴 Evangelos Marinakis: The Driving Force Behind Nottingham Forest’s Ambition – Could Dan Ndoye Be the Next Chapter in This Rising Story?
When Evangelos Marinakis took control of Nottingham Forest in May 2017, few would have predicted the rollercoaster journey that lay ahead. The club was stuck in the lower half of the Championship, weighed down by years of stagnation, short-term thinking, and managerial churn. Fast forward to 2025, and Forest are not only a Premier League side preparing for a second consecutive season at the top level — they are also preparing for a European campaign.
It’s a remarkable transformation, and while many have played a role — from managers and players to backroom staff and fans — the contribution of Marinakis stands out. His financial backing, vision for growth, and bold decisions have turned Forest into a club that not only dreams but begins to expect. Now, with yet another financial move that could bolster the club’s competitiveness in the market, Marinakis is again demonstrating why his leadership has been a game-changer.
💼 A £17 Million Gesture That Speaks Volumes
Earlier this week, filings from Companies House revealed that Marinakis has converted £17 million of debt into equity, effectively injecting fresh strength into the club’s financial position. In layman’s terms, he has written off that amount of money that Forest owed him and turned it into shares — he isn’t taking the money back, he’s investing it further.
This isn’t the first time Marinakis has taken such a step. Over the past several years, he has repeatedly demonstrated a long-term commitment that goes far beyond the superficial acts of ownership. In a time when Premier League clubs are constantly walking a financial tightrope due to FFP restrictions, this sort of move is incredibly valuable.
What does this mean in real terms?
Forest can spend more freely in the transfer window.
The club’s balance sheet improves, making them more stable in the eyes of regulators and partners.
Wages and fees for top players can now potentially be handled with less risk.
The board has more leverage in key negotiations — like those currently surrounding Dan Ndoye.
More than a business transaction, it’s a vote of confidence in Forest’s direction. Marinakis believes the club is worth backing, even to his own financial cost — and that message won’t be lost on the fans or the players.
📈 The Evolution of Marinakis’ Forest: From Chaos to Contenders
The early years of Marinakis’ reign were not without turbulence. Managers came and went quickly. The club spent heavily without a clear long-term plan. But behind the scenes, structures were being laid: better recruitment, improved data analysis, investment in facilities, and a revamped academy.
The breakthrough came in 2022 when Forest earned promotion to the Premier League under Steve Cooper. That achievement alone might have satisfied some owners — promotion brings a financial windfall, and many clubs retreat into consolidation mode. Not Marinakis. He continued to invest, bringing in over 20 new players that summer and backing Forest through a chaotic but ultimately successful fight for survival.
Now, with Nuno Espírito Santo at the helm and European football secured via qualification to the UEFA Conference League, the club is entering its most exciting phase in decades.
And Marinakis isn’t done. If anything, he’s doubling down.
🔥 Dan Ndoye: A Rising Star on Forest’s Radar
Of all the names linked to Forest this summer, Dan Ndoye stands out — not just for his performances, but because of the growing sense that he could be the statement signing of the window.
Age: 24
Position: Winger (both flanks), can also play as a forward
Club: Bologna (Serie A)
2024/25 Stats: 9 goals, 6 assists
International: Swiss national team, including appearances at major tournaments
Ndoye is known for his pace, direct running, ability to take on defenders, and intelligent pressing — a rare combination of flair and industry that makes him a perfect fit for Nuno’s system. With Anthony Elanga now reportedly on his way to Newcastle United, there is a clear need for a high-level replacement who can deliver from wide positions and stretch defences.
Reports indicate that Ndoye has already given the green light to join Forest. The issue now is striking a deal with Bologna. The Italian side are holding out for a significant fee — and it’s here that Marinakis’ latest financial maneuver becomes crucial. That extra capital might be the difference between sealing the deal or losing the player to Napoli, who have also expressed interest.
Forest must move quickly — but they can now do so with greater financial authority than many anticipated just a few weeks ago.
🧠 Tactical Fit: How Ndoye Complements Nuno’s Vision
Nuno Espírito Santo prefers a structured, balanced system that demands hard work from his attacking players. Under him, Forest evolved into a side capable of absorbing pressure and striking on the break — but they often lacked sharpness in the final third.
Ndoye brings several qualities that address this:
Versatility: Capable of playing on both wings or centrally, offering tactical flexibility.
Pressing intelligence: Fits Nuno’s demand for high work rate and defensive contribution from attackers.
1v1 threat: Forest lacked players who could beat a man consistently; Ndoye brings that edge.
Goal involvement: With Elanga gone, Forest need someone who can contribute double digits in goals and assists.
He could slot in immediately and become one of the focal points of Forest’s attack — especially in European competition, where pace and counter-attacks are often more effective than possession dominance.
🌍 Europe Beckons – and Forest Must Be Ready
Forest’s qualification for the Conference League changes the equation significantly. European football brings prestige and excitement, but also strain. The squad needs to be deeper, more experienced, and better rotated. Ndoye fits the bill as a player capable of adapting quickly to continental football.
It also enhances Forest’s profile in the transfer market. Players like Ndoye, who might hesitate to join a mid-table Premier League side, will see the opportunity to play in Europe as a major selling point.
Marinakis knows this. He’s experienced European football with Olympiacos, and understands what it takes to build a squad that can manage both domestic and continental commitments. His experience is a strategic asset, not just a financial one.
🔮 What Comes Next?
While Ndoye is currently the focus, Marinakis’ actions suggest that Forest may not stop there. With more cash available and a proactive manager in charge, the club could pursue multiple reinforcements before the window closes:
Another central midfielder to add depth and creativity.
A new fullback, possibly to compete with Neco Williams.
An experienced centre-back for rotation and injury cover.
A striker to provide backup or competition for Taiwo Awoniyi.
What’s clear is that Forest are not just scrambling to survive — they are now building something.
🧡 Final Thoughts: Marinakis, Legacy, and the Next Chapter
Evangelos Marinakis isn’t perfect. There have been managerial missteps and moments of confusion. But no one can argue with the trajectory of the club under his leadership. Forest were languishing in the Championship when he arrived. Now they are in the Premier League, playing in Europe, and targeting talents like Dan Ndoye.
That doesn’t happen without vision, ambition, and a willingness to invest not just money, but belief.
This latest £17 million conversion is more than a financial maneuver. It’s a message. Marinakis isn’t just funding Forest — he’s fighting for them. And with fans, players, and staff all aligned behind a shared dream, Nottingham Forest might just be entering their most exciting era in decades.
So the question now is simple: Who’s next?