February 25, 2024

In order to cover the £32.5 million in installments that Tottenham Hotspur owed Nottingham Forest for the transfer of Brennan Johnson, the Forest took out a loan.

On summer’s deadline day, the Nigel Doughty Academy graduate joined the Spurs and left the Reds. Johnson’s 14-year affiliation with his boyhood club came to an end with the £47.5 million deal.

A filing on Companies House shows when future instalments of the fee are due, with Tottenham owing £32.5m over the next three years. Forest have taken out a loan with Macquarie Bank which will raise funds and means Spurs pay the bank when the instalments are due.

Football finance expert Kieran Maguire explained on X (formerly Twitter): “It is quite common with large transfers these days. Forest have £32.5m of IOU’s from Spurs due over next three years. Macquarie offers Forest (say) £27m now and collects money from Spurs on the due dates. Good for Forest cash flow, Macquarie earn an effective interest fee.”

The document on Companies House shows £10m is due from Tottenham on August 31, 2024, followed by £10m on August 31, 2025, and £12.5m on August 31, 2026. The instalments are due on “the payment dates set out” even in the event of Johnson moving on from Spurs in the next three years.

After Johnson’s move to the capital, Forest owner Evangelos Marinakis said in an open letter to supporters: “Brennan epitomises all that is great about football. A young boy playing for his local team, fulfilling his dreams and growing not just as a footballer, but as a human being.

“He is the ultimate young professional and his contributions to the club he loves have been enormous – helping us achieve promotion back to the Premier League and instrumental in helping us retain that status on the final home game of last season. In moving to Tottenham Hotspur he has also provided his boyhood club with the financial means to reinvest and continue to grow. We thank him for being part of our family and giving so much of himself to us. Go well, Brennan, be strong and healthy and we wish you every success.”

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