Nottingham Forest have announced losses of more than £17m for the 2012-13 season. The campaign, which was the first under the ownership of the Kuwaiti Al-Hasawi family, saw losses increase from the £12.2m posted the previous term.
Turnover at the City Ground was down by £300,000, while staff costs rose by almost £3.5m to £21m.
Under Football League Financial Fair Play rules clubs were allowed to overspend their income by £10m last season. Although Forest exceeded that, 2012-13 was the final campaign in which sanctions were not applied.
From this season, clubs that make a loss of more than £8m will be subject to sanctions by the Football League, which include possible fines or a transfer embargo.
