Evangelos Marinakis completed his acquisition of Nottingham Forest in 2017.
Nottingham Forest owner Evangelos Marinakis has reduced his level of control over the club, in anticipation of potential Champions League participation.
The Union of European Football Associations (Uefa) enforces strict guidelines concerning multi-club ownership, a model under which Marinakis currently operates.
Alongside Forest, Marinakis also owns Greek side Olympiakos and Portuguese club Rio Ave.
Both Forest and Olympiakos are in contention for Champions League qualification next season, a situation that would breach Uefa regulations prohibiting teams with shared ownership from featuring in the same European competition.
According to documents lodged with Companies House, Marinakis no longer holds status as a “person with significant control” of NF Football Investments Limited, the entity that owns Nottingham Forest.
Although Marinakis has moved his shares into a blind trust, a source at Forest informed the BBC that he still retains ownership and his commitment to the club remains unchanged.
This change forms part of a wider set of adjustments registered at Companies House in response to Uefa’s ownership rules.
Sources have clarified the modification aims to ensure Forest’s ownership complies fully with Uefa’s stipulations.
These ownership alterations were required to be finalised by the end of April, a deadline that Forest has successfully met.
As Marinakis steps aside, co-owner Sokratis Kominakis has rejoined the club’s board.
Forest currently lie sixth in the Premier League, level on points with fifth-placed Chelsea—the team holding the league’s final Champions League qualification position. Forest also have a game in hand over Chelsea.
Olympiakos, meanwhile, are leaders of Greece’s top division and look set to earn a Champions League place.
Manchester City and Girona, part of the City Football Group, were permitted to participate in this season’s Champions League after restructuring control at the Spanish club.
In a separate development, former Arsenal sporting director Edu is expected to assume a new global role within Marinakis’ multi-club set-up in the near future.
Edu departed Arsenal last November and has since served his notice period.
BBC Sport understands that the Brazilian executive has been assisting informally following his exit from Arsenal, though a formal appointment is still pending.
That process is in progress, with an announcement on his official role expected later this summer.
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Uefa’s multi-club ownership rules can be met either by reducing shareholdings, as Brighton’s Tony Bloom did with Union-Saint Gilloise for Europa League compliance, or by placing a club into a blind trust, as occurred with Sir Jim Ratcliffe amid potential conflicts between Manchester United and Nice.
Ratcliffe, however, later voiced frustration over an additional Uefa restriction, which blocked player transfers between clubs under the same ownership and prevented United from signing Jean-Clair Todibo, who instead joined West Ham on loan.
Uefa will review Marinakis’s changes before granting Forest clearance for European competition.
Last year, approval for United and Nice, as well as Manchester City and Girona, was only provided by 8 July. There remains a possibility that Olympiakos and Forest may not compete in the same European tournament.
However, with Olympiakos entering the Champions League in the second qualifying round on 22 July, and the potential for movement into the Europa League before group stages begin in September, a decision must be reached far in advance of knowing if Forest and Olympiakos could actually meet.
Kieran Maguire, football finance expert
Marinakis appears to be safeguarding Forest’s future European participation by transferring control to a different company and individuals.
This structure ensures there will be no conflict of interest if Forest and Olympiakos end up in the same competition, even potentially as opponents.
Similar ownership model changes have occurred at Manchester United, Aston Villa, Brighton, and Manchester City to comply with regulatory frameworks.
Given Forest’s strong campaign and the prospect of Champions League football, these legal and operational adjustments to its ownership are entirely sensible.
Assigning Forest to a blind trust means independent parties will direct the club’s daily operations. Marinakis will not influence player recruitment, coaching appointments, or tactical decisions.
Multi-club ownership introduces regulatory challenges for both Uefa and, with the forthcoming Club World Cup expansion, potentially Fifa.
Nonetheless, maintaining fair competition from the perspective of stakeholders, fans, and broadcasters remains critical for both Uefa and Fifa.
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