No matter the competition, Nottingham Forest have a season in Europe to plan for, and with a Brazilian influx and a favour from Manchester City they appear to be in a position of strength.
It is quite the change in mood from 12 months ago. Off the back of a points deduction for breaching profitability and sustainability rules, Forest faced an uncertain summer in their mission to balance the books.
In the end, they played the market smartly, selling Orel Mangala and Moussa Niakhate to Lyon for a combined £47m and Odysseas Vlachodimos to Newcastle United for £20m before 30 June to avoid another PSR breach.
And now, the financial problems could be behind them. A net transfer spend of £16m in 2024-25 is quite the contrast to the 2022-23 season that pushed them towards the deduction, meaning this summer could be a case of building on their strong foundations.
The key is in the keeping
Morgan Gibbs-White is among the stars Forest want to keep (Photo: Getty)The Conference League awaits Forest, although their enquiry into Crystal Palace’s Europa League placing suggests owner Evangelos Marinakis believes his side could get bumped up to that tournament instead.
Regardless, Forest will fancy their chances of a deep run, and with a strong squad needed they appear well-placed to keep the players that not only secured them a European place but can help deliver silverware to the City Ground as well.
Morgan Gibbs-White is crucial to this team, and he now looks more likely to stay. Manchester City were interested, but in signing Rayan Cherki for £30.45m they have sought to fill the Kevin De Bruyne-shaped hole for far less than Forest may have demanded for their England international.
Add to that little talk of the Premier League’s best pound-for-pound defensive partnership leaving – Murillo cost £11m in 2023 and Nikola Milenkovic £12m last year – and Forest have their base.
Murillo’s value has sky-rocketed, £80m one figure reported amid interest from Real Madrid, but much like City the La Liga giants appear to have bought a cheaper alternative, signing Dean Huijsen for £50m from Bournemouth.
It is another boost for Forest, and with Matz Sels behind this centre-back pairing, Nuno Espirito Santo’s side are well set to prove seventh was no fluke.
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Marinakis struck gold signing Murillo from Corinthians, with Brazil proving a favoured market that Forest are going back to this summer.
The club are close to signing Botafogo trio Igor Jesus, Cuiabano and Jair Cunha for a combined £40m, according to reports, with one name in particular catching the eye of Forest fans: Jesus.
The 24-year-old striker scored the winner against Paris Saint-Germain in the Club World Cup on Thursday night, having also netted along with centre-back Cunha against Seattle Sounders in their opening win on Sunday.
Forest could have found another gem, therefore, unless other clubs take note of Jesus’ Club World Cup performances. He has already made his Brazil debut, too, and was part of the Botafogo side that won the Brazilian league and Copa Libertadores in 2024.
Jesus’ arrival would make for healthy competition with Chris Wood, and crucially add to Forest’s depth going into their first European campaign since 1995-96.
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Will any key player leave Forest?
Forest do not appear desperate to sell but with more than two months remaining of this transfer window, they may be tested if offers come in.
The i Paper has noted Newcastle’s interest in Anthony Elanga, but Eddie Howe’s side have several wingers on their radar, including Chelsea’s Noni Madueke.
Callum Hudson-Odoi also continues to be linked with a move away, given he is out of contract next summer.
Roma, Napoli and two Premier League clubs are said to be monitoring Hudson-Odoi, Sky Sports reports, and if Forest do find they need to tread the PSR line more carefully, this could be the most obvious departure.
Forest have though reportedly opened talks with Hudson-Odoi over a new deal, with the club clearly in the process of contract renewals after Willy Boly extended his stay this week.
Forest are also said to be close to agreeing new contracts with Ola Aina and Neco Williams, further proof their summer is about tying up loose ends.
All this must be a new feeling for Forest fans, but one that brings promise of a repeat, or something even better.
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