Nottingham Forest Owner Evangelos Marinakis Withdraws from Control of Club
In a significant development, Nottingham Forest owner Evangelos Marinakis has officially withdrawn his position at Companies House, removing himself from control of the club. According to Sky Sports News, Marinakis has put all of his club shares into a blind trust, effectively relinquishing his control and influence over the day-to-day running of the club.
The Greek billionaire still owns Forest, but the transfer of shares into a blind trust has been made to avoid a potential conflict of interest with another club in Marinakis’ stable, Olympiakos. UEFA rules dictate that no individual can control two clubs competing in the same competition, and both Forest and Olympiakos are pushing for places in next season’s Champions League. Olympiakos are currently 13 points clear at the top of the Greek Super League, while Forest would go third in the Premier League if they win their game in hand against Brentford on Thursday.
This move has been described by one source as a technicality, a bit of important “housekeeping”, but UEFA takes it much more seriously. For them, this is about the integrity of their competition, and their rules do not allow for two clubs owned by the same person or persons to compete against each other in the same European competition. As Sky Sports News reports, UEFA’s rules say that in this situation, whichever club finishes higher in their domestic league would be allowed to compete, with the other club barred.
A blind trust is a legal arrangement where an individual transfers their assets to a trustee or a group of trustees, who manage those assets on their behalf, without any influence from the owner. In this case, three new trustees have been appointed to the Nottingham Forest board, taking control of Marinakis’ shares. These trustees will run the club in Marinakis’ best interests, but they will not be allowed to provide details to the Greek owner about the specific developments of the club, or allow him to make any decisions on how it is run.
The changes to Forest’s board have been significant, with three board members forced to resign and replaced by the three trustees. Financial rules around blind trusts dictate that those trustees have to make up the majority of a club’s board for it to be in line with the rules. As Sky Sports News‘ senior reporter Rob Dorsett notes, “Marinakis is still very much the Nottingham Forest owner. He’s not walking away or withdrawing his interest, but he no longer has day-to-day control of the club.”
The implications of this move are significant, and Sky Sports News reports that if UEFA suspected Marinakis was still in effective control of Nottingham Forest, they would be forced under their rules to bar Forest from taking part in the Champions League next season – should they qualify. However, if Forest don’t make the Champions League, they could reverse this decision, and there’s no requirement for this blind trust if Forest don’t qualify for the Champions League. As the situation continues to unfold, one thing is clear: Nottingham Forest’s future is set to be shaped by the complexities of UEFA’s regulations and the interests of its owner, Evangelos Marinakis.
In conclusion, the withdrawal of Evangelos Marinakis from control of Nottingham Forest marks a significant development in the club’s history. As reported by Sky Sports News, this move has been made to comply with UEFA regulations and avoid a potential conflict of interest with Olympiakos. The use of a blind trust has allowed Marinakis to maintain ownership of the club while relinquishing control, ensuring that Forest can continue to compete in the Champions League. As the club looks to the future, it remains to be seen how this development will impact their performance on the pitch and their relationships with UEFA and other stakeholders.
Source link
