Nottingham Forest owner Evangelos Marinakis has taken a significant step back from his control of the Premier League club to ensure compliance with UEFA’s multi-club ownership regulations, as the team edges closer to qualifying for the UEFA Champions League. The Greek billionaire, who also owns Greek Super League side Olympiacos and Portuguese club Rio Ave, has placed his shares in Nottingham Forest into a blind trust, effectively removing himself from day-to-day decision-making at the City Ground. This move, confirmed by documents filed with Companies House, comes as both Forest and Olympiacos are on course to qualify for next season’s Champions League, a scenario that would otherwise violate UEFA rules prohibiting clubs under the same ownership from competing in the same European competition.
Marinakis’ decision, described by sources as a proactive measure to avoid potential conflicts of interest, ensures that Nottingham Forest remains eligible to compete in European football should they secure a top-five finish in the Premier League. Currently sixth in the league, Forest are level on points with fifth-placed Chelsea and have a game in hand, putting them in a strong position to return to European competition for the first time since the 1995-96 UEFA Cup. Olympiacos, meanwhile, lead the Greek Super League by 13 points, virtually guaranteeing their Champions League qualification.
UEFA’s Article 5 stipulates that no individual can have control or decisive influence over more than one club participating in the same European competition, a rule designed to maintain the integrity and fairness of its tournaments. To comply, Marinakis has transferred his shares in NF Football Investments Limited, the entity that owns Nottingham Forest, to a blind trust managed by three independent trustees: Matthew Shayle, Tim Osborne, and Matthew Cain, all partners at the international law firm Wiggin Osborne Fullerlove. This legal arrangement ensures that Marinakis has no involvement in decisions such as player recruitment, coaching appointments, or tactical strategies.
The restructuring also prompted changes to Forest’s board. Co-owner Sokratis Kominakis, who was part of Marinakis’ 2017 takeover of the club, has returned to the board, while three previous board members—Michael Dugher, Jonathan Owen, and Simon Forster—resigned to meet UEFA’s requirement that trustees outnumber board members. Chairman Nicholas Randall KC remains in his position.
“This is about safeguarding the integrity of UEFA competitions,” a Forest source told Sky Sports, emphasizing that the move is a technical necessity rather than a withdrawal of Marinakis’ commitment to the club. “Evangelos Marinakis remains fully committed to Nottingham Forest and its development, and he will continue to attend matches at the City Ground.” The source also noted that the arrangement could be temporary, potentially reversible if Forest fail to qualify for the Champions League or end up in a different European competition, such as the Europa League.
The move mirrors actions taken by other multi-club ownership groups. Manchester City’s City Football Group and Manchester United’s co-owners INEOS made similar adjustments to their control over Girona and Nice, respectively, to allow both pairs of clubs to compete in this season’s Champions League. UEFA will now assess Marinakis’ restructuring to confirm compliance, a process that could extend until early July, as seen with last year’s approvals for United and City.
Marinakis’ decision comes as Nottingham Forest prepare for a crucial Premier League clash against Brentford on Thursday, a match that could propel them to third place with a victory. Manager Nuno Espirito Santo emphasized the importance of the remaining five matches, stating, “All the games are the biggest of our career. We have never stopped believing, no matter what happens.”