Nottingham Forest transfer state of play: Nuno’s wish, Marinakis plan and key calls as summer looms

The curtain will come down on a testing season for Nottingham Forest tomorrow, and then attention will quickly turn to what has the makings of being a crucial summer.

The Reds can look forward to a third consecutive campaign of Premier League football, but plenty of work lies ahead if they want to kick on next term. The big focus will be on transfers – who stays, who goes and who comes in.

Earlier this week, it was announced the summer window will be open from June 14 until 11pm on August 30. With that in mind, below we take a look at the transfer state of play at the City Ground.

Who could be on the way out?

Head coach Nuno Espirito Santo made clear in January that Forest’s squad needed slimming down. The Portuguese likes to work with a tight-knit group.

The club made significant inroads on trimming numbers during the winter window. And the summer will see departures once again.

A number of players are coming towards the end of their contracts. As it stands, Wayne Hennessey, Willy Boly, Felipe, Ola Aina, Cheikhou Kouyate, Loic Mbe Soh, Scott McKenna and Harry Arter are due to become free agents. Of those eight, Boly and Aina are likely to be the only ones the Reds look to retain.

Loanees Gonzalo Montiel, Nuno Tavares, Gio Reyna, Divock Origi and Rodrigo Ribeiro will also see their deals expire. In all but the case of Reyna, Forest have the potential to make the moves permanent, but it remains to be seen whether they do so. Teenager Ribeiro is viewed as a bright talent, but otherwise the loans haven’t exactly worked out.

In terms of other potential exits, financial restrictions will come into play. The Reds were docked points for breaking the Profitability and Sustainability Rules this season and won’t want to be in the same position again. “You learn from your own mistakes,” Nuno has said.

Projected losses of approximately £12-17 million for the year ending 30 June 2024 were outlined in the independent commission’s written report explaining Forest’s four-point deduction. The situation points to player sales this summer – albeit not necessarily a fire sale.

Nevertheless, it would not come as a surprise if other club’s come sniffing for key assets Murillo and Morgan Gibbs-White. Both have their admirers and have been standout performers in the Garibaldi. The Reds value both players highly.

That the relevant assessment period for PSR runs until the end of June effectively creates another deadline day. Clubs looking to keep within the limits may have to consider some early sales. It could mean a busier start to the summer window than is usually the case.

State of play with returning loanees

Big calls will need to be made when it comes to those players who have been out on loan and are due back at the City Ground. A number of them, Nuno will not yet have had a chance to work with.

The Reds boss might, therefore, want the opportunity to run the rule over some in pre-season. But eventually, Forest must decide whether the players concerned can have a part to play next term or whether another loan or a parting of ways is best.

Joe Worrall is among that number. Even if Besiktas opt not to take up their option to buy the defender, he has other admirers and it could prove to be the end of an era for the Nigel Doughty Academy graduate.

What happens with left-back Omar Richards will be interesting. When he headed to Olympiacos on loan last August, it was hoped a change of scene would prove beneficial after a succession of injury problems – and it seems to have been a good move. The former Bayern Munich man has now made 12 appearances for the Greek outfit, so will no doubt hope he gets the chance to make his first one for Forest next term.

Jonathan Panzo, Alex Mighten, Brandon Aguilera, Lewis O’Brien, Orel Mangala, Josh Bowler, Emmanuel Dennis and Hwang Ui-jo have also been out on loan. Mangala’s move to Lyon is set to become permanent, while Middlesbrough have ruled out doing the same with O’Brien – although Sheffield United and Preston North End have been linked with the ex-Huddersfield Town

What positions will Forest be after?

“It’s been different from normal because this time of the season usually you start preparing ahead for the future and we didn’t have this opportunity to do it,” Nuno said, when asked about transfer planning last week. “It was too much work and too much responsibilities on our hands to get distracted by anything – and there was a lot of things to get distracted by.

“(Not knowing the division) is the main factor. The complexion of the season will change everything, but it’s not the moment to even think and talk about that. That’s there for us to deal with after.”

A big overhaul shouldn’t be required this summer. The Reds have the basis of a good squad in place; they should just need a few key additions, while being mindful of PSR.

The template the club are likely to follow was outlined by owner Evangelos Marinakis in his interview with the Daily Mail this week. He pointed out how Forest have – with some exceptions – looked to bring in young players with the potential to increase in value.

“The selection of players, in majority, that we have signed in the last two or three years are young, extremely talented players. They will ensure the club assets go higher and higher. The reality is this was a wise decision, a clever decision and we see the benefits,” he said.

Bolstering Nuno’s attacking resources will no doubt be on the agenda, while central defence could also need looking at and strengthening in midfield would not go amiss. How the summer pans out, will also be affected by who departs.

Any names linked?

So far, the transfer rumour mill has been fairly quiet. Expect that to change in the coming days and weeks.