Nottingham Forest lent £80m in 'pricey debt' amid Anthony Elanga's sale and Morgan Gibbs-White's potential exit

According to the Financial Times, Apollo Management has lent Forest £80m ($107.5m) in 'expensive debt' as part of the private capital firm's first known foray into the Premier League. The report adds that the American company provided a three-year term loan to Forest, from last December, at an annual interest rate of 8.75 per cent.

The FT adds that £55m ($74m) of the proceeds have gone to 'refinance an existing facility' owed to Rights and Media Funding Group, who have lent to Everton in the past, and the rest is 'additional working capital'. Forest announced plans to expand their stadium, City Ground, ergo, some of this loan may go towards that.

Forest owner Evangelos Marinakis made an operating loss of £73m ($98m) last year, although player sales led to an overall profit of £12.1m. That may rise after the sale of Anthony Elanga to Newcastle United in a deal worth up to £55 million ($74.8m) and Morgan Gibbs-White could move to Tottenham in a big-money transfer.

It remains to be seen what Forest will do with this loan, although the ins and outs of that arrangement may not come to light. In the meantime, Forest are preparing for the new Premier League season after finishing seventh last term.