Nottingham Forest may still be at risk of further scrutiny from European football’s governing body over potential breaches of multi-club ownership regulations, according to financial expert Stefan Borson.
The concerns centre around the ownership structure involving Evangelos Marinakis, who also controls Greek side Olympiacos. With both clubs potentially qualifying for the same UEFA competitions, questions have been raised about whether Forest fully complied with regulatory deadlines designed to prevent conflicts of interest.
Forest had attempted to address the issue by placing the club into a blind trust arrangement, a move intended to satisfy UEFA rules regarding multi-club ownership. However, according to reports, the formal paperwork confirming this arrangement was not filed until 17 April—after UEFA’s stated deadline of 1 March.
Former Manchester City financial adviser Stefan Borson believes this timing could prove significant if UEFA chooses to take a stricter stance.
He explained that UEFA’s correspondence sets a clear expectation that compliance measures must be completed by early March, and suggested that Forest’s delay could leave them vulnerable if the governing body opts to enforce the rules rigidly.
Borson also noted that the delay was linked to the Premier League’s Owners’ and Directors’ Test, which new directors at Forest were required to pass before the structural changes could be finalised. While this process is standard, it appears to have pushed the timeline beyond UEFA’s deadline.
However, he raised the possibility that UEFA could question why the process was not initiated earlier, given that such background checks typically take several weeks to complete. In his view, this could open the door for UEFA to adopt a stricter interpretation of the rules if they choose to “play hardball.”
Despite the off-field uncertainty, Forest remain focused on their European campaign. The club are currently competing in the latter stages of the Europa League and are preparing for a major semi-final clash against Aston Villa, with a place in the final—and potentially Champions League qualification—on the line.
The situation adds an additional layer of complexity to an already high-stakes season for Forest, with both sporting success and regulatory compliance now under the spotlight.
At this stage, no official action has been taken against the club, and Forest maintain confidence that they acted within the required timeframe. However, the interpretation of UEFA’s rules could ultimately determine whether the matter escalates further.
For now, attention shifts back to the pitch, but the off-field questions surrounding ownership compliance remain an issue that could resurface depending on how UEFA chooses to review the case.
