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Al Hasawi Writes Off £17.7m In Loans

Al Hasawi Writes Off £17.7m In Loans

Nottingham Forest's accounts for the 2015-16 season have been released.

These have revealed a loss of £2.2m despite the fact Forest actually showed an operating loss of £23.7m - this is down 90% on the previous with the Reds meeting the requirements of Financial Fair Play as a result.

According to these accounts Fawaz Al Hasawi has written off £17.7m in loans made to the club. However, he is still owed £55.6m - previously this was at £67m - whereas creditors are owed a whopping £82.8m.

Wages were also up on these accounts from the £26.2m to £26.9m.

The most concerning thing about these accounts is the suggestion players could be sold and 'other business assets' offset in order to cover any potential funding shortfall.

Sky Sports has quoted.

'After having taken into account a range of possible outcomes arising from on-pitch performance, the forecasts and predictions adopted as a basis for going concern show a further funding requirement in excess of the current level of funding facilities immediately available to the director. Therefore the director acknowledges a material uncertainty in the event the company's ultimate beneficial owner becomes unwilling at any time to continue to provide funding support to the business to the general level that it previously provided. It should be noted that there are management initiatives that can be pursued to mitigate any potential funding shortfall including the sale of players and other business assets.'

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Writer:Site Staff
Date:Thursday February 16 2017
Time: 12:25PM

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