Breaking news: Nottingham Forest in £265m transfer reveal as huge Man United and Chelsea losses

Nottingham Forest are among the top 20 clubs in the world for transfer losses over the last decade, according to a new report.

The CIES Football Observatory has analysed the finances of football transfers during the period between 2014 and 2023. The Reds are said to have registered a negative net spend of 310 million euros (about £265m) during that period, with a spend of 486m euros on investments being offset by 176m euros in receipts.

Across world football, Premier League clubs reportedly have the most negative balance sheets with a net deficit of more than 10 billion euros. The report finds Chelsea have splashed out the most in transfer fees (2.6bn euros), but Manchester United have the most negative balance (almost -1.4bn euros).

Forest’s net transfer spend pales in comparison to the likes of United, the Blues, PSG (-1.01b euros) and Arsenal (-871m euros). The total includes fixed transfer fees, any add-ons regardless of whether they have actually been paid, as well as sums paid to service player loans.