Apollo Global Management has made its first direct move into English Premier League football, providing £80m in high-yield debt financing to Nottingham Forest Football Club, as PE and credit investors deepen their exposure to European sport, according to the Financial Times.
The three-year term loan, carrying a steep 8.75% annual interest rate, was structured to refinance £55m in existing debt — notably from Rights and Media Funding Group — and to provide £25m in working capital, according to UK corporate filings. The debt is secured against club assets, including Forest’s historic City Ground stadium, which is slated for a redevelopment to expand capacity to 35,000.
The deal highlights private capital’s growing role in European football finance, with firms like Apollo and Ares stepping in where banks have retreated, offering expensive but flexible capital solutions to clubs grappling with performance volatility and regulatory cost controls. Ares, for example, recently extended over $400m in financing to France’s Olympique Lyon, with some tranches yielding over 19%.
Nottingham Forest, majority-owned by Greek shipping magnate Evangelos Marinakis, reported a £73m operating loss last year. Despite that, player sales pushed it to a £12.1m overall profit. The club was also hit with a four-pint reduction in the 2023-34 season for breaching “profit and sustainability” rules.
Apollo’s loan comes as part of a wider push into European football. The firm is also in talks to take a stake in Atlético Madrid, Spain’s third-largest club, as part of broader discussions around an €800m real estate project adjacent to the club’s stadium.
