How Nottingham Forest went from relegation candidates to chasing Champions League football - and why Premier League's surprise package aren't just 'another Leicester'

Table-topping Liverpool are next up at the City Ground, with only six points separating the two sides before a ball is kicked on Tuesday – although the men from Merseyside do boast a game in hand over those occupying the banks of the Trent.

Forest have already shown that they have a formula to frustrate their fellow Reds, with a stunning victory secured courtesy of Callum Hudson-Odoi back in September allowing them to live rent free in the head of Arne Slot ever since – as the Dutchman is still irked by the solitary blot of his otherwise impressive Premier League copybook.

Even a historic double over adversaries that they once locked horns with on a regular basis in the late 1970s and early 80s would not necessarily turn Forest from pretenders into contenders, but it would undoubtedly aid their bid to secure a top-four finish. From where Forest have been in the not too distant past, hitting that target would represent a miraculous reversal in fortune – with European qualification of any kind difficult to imagine a matter of months ago.

How have Forest found themselves in this position? Blocking out the noise generated from afar while never being afraid to make plenty themselves has been crucial to a cause that has seen the Reds embrace and revel in the ‘Rebel City’ mentality that local folk hero Robin Hood once forged.

Dissenting voices that emerged in 2022 on the back of Steve Cooper masterminding promotion and bringing a 23-year Premier League exile to a close were ignored as they never bothered to explore why a paper-thin squad that lacked big-time experience and had been leaning heavily on loan stars felt the need to make 30-plus additions. A deaf ear was also turned to those quick to jump aboard the FFP bandwagon in 2023-24 as Forest were stung with a four-point penalty for breaches of Profit and Sustainability Rules (PSR). In back-to-back campaigns, the Reds defied the doubters to beat the drop and make ‘Waka Waka’ the soundtrack to two survival parties.

Finishes of 16th and 17th may not have looked like building blocks to the untrained eye, but that is precisely what they were. Club owner Evangelos Marinakis has never been the type to settle for mediocrity and will forever put money where his mouth is. The larger-than-life Greek shipping magnate has been as integral to Forest’s meteoric rise as Cooper, Nuno Espirito Santo, Morgan Gibbs-White or Chris Wood, with his wholehearted commitment casting fellow Premier League chairmen – those who shall remain nameless - in an unfortunate light.

For all of the questions that were asked of Forest’s recruitment model on the back of their play-off final win over Huddersfield Town at Wembley, they have arguably become the poster boys for how a step up into the Premier League should be navigated. Their initial business may have appeared haphazard to some, but there was method to the supposed madness that was born more out of necessity than reckless folly. Marinakis made the funds available and was never going to be told to put his chequebook away.

Not every deal has been a success – which is always the case in congested transfer markets – but for every Jesse Lingard or Jonjo Shelvey there has been a Murillo or Anthony Elanga to restore the balance. The challenge now, of course, is keeping an exciting squad intact.

While others have been splashing out billions to stand still, Forest have invested shrewdly in a bid to ensure that they could walk before breaking into a trot. The cornerstones of a defensive unit that has been earning plenty of plaudits (Matz Sels, Ola Aina, Murillo and Nikola Milenkovic) cost a little over £30 million ($37m) between them – just under half of one Wesley Fofana.

Their combined value would now likely extend into nine figures, with Brazilian centre-half Murillo already said to be registering on prominent radars in England and Spain. Rejuvenated wing wizards Hudson-Odoi and Elanga are also seeing their respective stocks soar after walking away from apparent comfort zones at Chelsea and Manchester United, respectively.

Gibbs-White is a senior England international, Elliot Anderson is a playmaker of considerable promise, Ryan Yates has Garibaldi blood running through his veins and will tackle brick walls in the name of Nottingham Forest – annoying as many rival fans as possible as he goes – while Kiwi frontman Wood is enjoying the brightest of Indian summers at 33 years of age.

There is the promise of more to come at the City Ground, with there no sign of Marinakis reigning in his ambition as plans for a serious stadium redevelopment and further additions in upcoming windows are drawn up. He has added former Arsenal sporting director Edu to his ever-growing sporting empire, with it the Brazilian's job to ensure that more hidden gems are unearthed in playing and coaching departments from Rio de Janeiro to Rio Ave via Athens and Nottingham.

Similarities with Leicester’s heroic class of 2016 are clear for all to see – an in-form striker, creative widemen, midfield enforcers, defensive warriors and a tactical blueprint that is perfectly suited to all of its component parts – but Forest are cooking up a recipe for success that intends to satisfy the cravings of a similarly success-starved fan base over a much longer period of time.

The Foxes burned brightly, adding FA Cup and Community Shield triumphs to their role of honour, but slipped to 12th a year after landing the ultimate prize in English football and tumbled out of the Premier League entirely in 2023.

As much as their exploits act as incentive for Forest, and any other club daring to dream big, they can also be considered a cautionary tale of how quickly fortunes can change for both the better and worse.

Those at the City Ground may never fly as high as their local rivals once did, but theirs appears to be a model – in sporting and business senses - that is built to last.