NOTTINGHAM — Nottingham Forest stand on the precipice of history. Just three games away from a Europa League trophy and a guaranteed seat at Europe’s top table, the Champions League, the club’s meteoric rise is being shadowed by a complex legal battle involving UEFA’s multi-club ownership (MCO) rules.
At the heart of the issue is owner Evangelos Marinakis’ dual control of both Forest and Greek giants Olympiacos. With both clubs potentially qualifying for the same elite competition next season, a “blind trust” has been established to decouple the leadership—but experts are warning that the clock may have already run out.
The “Hard and Fast” March 1st Rule
To prevent a conflict of interest, UEFA requires owners of multiple clubs to prove they have relinquished “significant control” over one of the entities by a strict deadline of March 1st, 2026.
While Forest leadership insists the restructuring was finalized in February, official documents at Companies House only appeared on April 17th. The club attributes this delay to the new directors undergoing the Premier League’s Owners’ and Directors’ Test, but finance expert Stefan Borson is urging caution.
“The hard and fast rule, as we know from last year, is March 1 is key,” Borson told talkSPORT. “Potentially Nottingham Forest have carried out the blind trust too late and the changes… will not work for UEFA’s rules.”
The Crystal Palace Precedent
The stakes couldn’t be higher. Last season, a similar row saw Crystal Palace demoted to the Conference League after failing to meet MCO criteria, allowing Forest to take their Europa League spot.
Palace fought the decision at the Court of Arbitration for Sport (CAS), arguing that UEFA should exercise discretion. They lost. Now, the tables have turned, and Forest must prove they haven’t fallen into the same trap that ensnared their London rivals.
The Multi-Club Conflict: Forest vs. Olympiacos
| Requirement | Status | Expert Verdict |
|---|---|---|
| Separation of Power | Blind Trust Established | “Stringent” but necessary. |
| Deadline Compliance | Documents filed April 17 | “An open question” (Borson). |
| UEFA Confirmation | Silent | Currently “untested” by CAS. |
A “Charade” or a Legal Fortress?
The new structure sees three partners from London law firm Sinclair Gibson LLP—Janet Lucy Gibson, Henry Peter Hickman, and Eleanor Catherine Walsh—take over as directors. While some pundits, including Simon Jordan, have labeled the move a “charade,” Borson notes that a blind trust is a “real separation of management” and far from a fabrication.
However, the ultimate verdict lies with UEFA. If the governing body deems the March 1st deadline absolute, Forest could find themselves winning a European trophy only to be barred from the Champions League.
For now, the City Ground waits. The players must focus on the semi-finals, but in the boardroom, the battle to ensure the “Marinakis Era” doesn’t collide with UEFA’s rulebook is just beginning. As Borson warns: “We don’t know the position of UEFA… it is an open question.”
