Transfers in and out under Nigel Doughty
'Investment, what investment?'

The following is a detailed analysis of signings (both in and out of the club) under Nigel Doughty's tenureship. Please take some time to digest this information.

Transfers in and out

Total Activity Since the 2001-02 Season – the season in which Nigel Doughty obtained majority control of Forest and also appointed himself chairman

Total Spent: £4.5 million
Total Received: £17.7 million

Total Activity Since 1st January 1999 – the year in which Nigel Doughty became the club’s majority shareholder.

Total Spent: £17.6 million
Total Received: £30 million

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Early 1999

Transfer Activity Immediately Prior to Nigel Doughty’s Arrival. Between 1st January 1999 and 17th May 1999 - the day Nigel Doughty announced that he had agreed a deal to take a controlling interest in Nottingham Forest a number of additional significant transfer deals shaped the club’s financial outlook.

Note - these transfers "invested" nearly as much as Nigel Doughty would do in May of 1999.

Paid: £1.1 million
Carlton Palmer £1.1 million
Received: £6.3 million
Steve Stone £5.5 million,
Craig Armstrong £0.75 million,
Andy Dawson £0.05 million
Net spend: - £5.2m

Doughty purchases £6m worth of shares at 20.2p per share (valued at 25p)

1999-00

Paid: £9.0 million
Riccy Scimeca £3.0 million,
Salvatore Matrecano £1.2 million,
Gianluca Petrachi £1.2 million,
Jim Brennan £1.5 million,
Stern John £1.5 million,
Jack Lester £0.3 million,
Tony Vaughan £0.35 million
Received: £4.8 million
Pierre van Hooijdonk £3.5 million,
Neil Shipperley £0.7 million,
Carlton Palmer £0.5 million,
John Burns £0.1 million
Net spend: + £4.2m (less than Forest had received from transfers in the 5 months prior to Doughty's investment).

2000-01

Paid: £3.0 million
David Johnson £3.0 million
Received: £1.2 million
Nigel Quashie £0.6 million,
Dougie Freedman £0.6 million
Net spend: + £1.8m

2001-02

Paid: £0
Received: £5.7 million
Andy Johnson £0.2 million,
Alan Rogers £0.3 million,
Stern John £0.15 million,
Jermaine Jenas £5.0 million plus sell-on clause (see note 3, below)
Net spend: - £5.7m

2002-03

Paid: £0
Received: £2.5 million
David Prutton £2.5 million
Net spend: - £2.5m

2003-04

Paid: £1.8 million
Gareth Taylor £0.5 million,
Marlon King £0.9 million,
Kris Commons (£0.3 million tribunal fee – set the following season)
Received: £1.0 million
Marlon Harewood £0.5 million,
Gareth Williams £0.5 million (tribunal fee – set the following season)
Net spend: + 0.8m

2004-05

Paid: £0.9 million
Adam Nowland £0.25 million,
Jack Lester £0.005 million,
David Friio £0.1 million,
Scott Dobie £0.55 million
Received: £8.0 million
Andy Reid £4 million,
Michael Dawson £4 million
Net spend: - £7.1m

2005-06

Paid: £1.3 million
Ian Breckin £0.35 million,
Nathan Tyson £0.675 million,
Grant Holt £0.3 million
Received: £0.5 million
Marlon King £0.5 million
Net spend: + 0.8m

2006-07

Paid: Estimated £0.5 million (see note 1, below)
Paul Smith,
Junior Agogo,
Luke Chambers
Received: £0
David Johnson (see note 2, below),
Net spend: + £0.5m

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Summary

Players bought and sold by year

Note - Does not take into account the revenue generated from sales immediately
before Nigel Doughty purchased shares in the club.

……………………………………….

NOTES

(1) Undisclosed Fees: All three of Forest’s major signings during the 2006-07 season were for ‘undisclosed fees.’ Estimates vary widely but for analysis purposes a fee of £200,000 has been estimated for Paul Smith. Similiarly we estimate a possible cost of £125,000 for Junior Agogo (a sum which was widely reported in the press). And a £175,000 payment for Luke Chambers.

(2) David Johnson: Towards the start of the 2006-07 season David Johnson announced his retirement from professional football on medical advice. It is likely that both Johnson and Forest would have received a significant insurance payout, however no figure has been disclosed by the club.

(3) Jermaine Jenas: A sell-on clause attached to Jermaine Jenas move to Newcastle United in February 2002 was widely reported in the press with estimates anywhere between 10-25%. Jenas moved onto Spurs in August 2005, but once more no clarification has ever been issued by the club as to what Forest received from the deal.

For many deals the fees stated/estimated in the press and in other complied sources vary greatly. For reasons of consistently we have taken the figures collated by soccerbase.

Each season is taken from July to June of the next year.
Transfer activities season totals rounded off to nearest hundred thousand.

Source: www.soccerbase.com

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Author's Comments

• A significant sell-to-buy ratio distinguishes the whole period since 1999.
  
• Despite Doughty and Arthur’s assertion that they have ‘backed the club’s managers to the hilt’ the last five years at Forest has seen the greatest sell-to-buy ratio in the club’s history – even surpassing the infamous ‘Player Drain’ of the late 60s and early 70s.
  
• Overall since 1999 approx. £30 million worth of players have been sold off by Forest and approx £18 million in the last five seasons alone.
  
• Despite this incredible income generated from sales, the current squad valuation can only be estimated at a maximum of £2-3 million.
  
• The cost of Forest’s starting 11 against Yeovil in the Second Leg of the 2007 League Play-Off Semi-Final, in terms of transfer fees paid, was just £1.6 million.
  
• One defence of Doughty is that in the last couple of seasons Forest have spent aggressively in comparison to other League One outfits. The flaw in the argument is that no other League One club averages 20,000 at home or receives an annual turnover remotely comparable to Forest. Moreover, how many other League One clubs have received £18 million in transfer fees in recent years? By bench-marking Forest to other League One clubs Mr Doughty and his CEO Mark Arthur are condemning Forest to a future in the lower leagues.
  
• A further criticism of the club’s transfer activity charges that Doughty only invests when he feels it is absolutely necessary (at times of fan and / or manager unrest), rather than taking a pro-active stance. From a team perspective it has also usually come at a stage during the season when it has been too late for Forest to make a serious and sustainable promotion push and in the 2004-05 season stave off relegation.
  
  This pattern was first set during David Platt’s second season. The only incoming transfer during the close-season was Gary Jones on a free from Tranmere Rovers. Robbie Bake was brought in by Forest on loan in the Autumn of 2000 and his arrival almost immediately signalled a significant upturn in Forest’s fortunes as the Reds moved into play-off contention for the first and only time under Platt. However, pleas from both Platt and the fans to sign Blake on a permanent deal were ignored and a token £300,000 bid was rejected by the Bradford City as ‘derisory.’ Without Blake Forest again struggled for goals and results headed south. More bizarrely once Forest looked to have dropped out of promotion contention altogether £3 million was found (borrowed from an external source) to purchase David Johnson from Ipswich Town. Johnson though who had rarely featured for Ipswich during the season and looked sluggish; managing a meagre return of just two goals from 19 starts as Forest finished in 11th place.
  
  Paul Hart (the most popular by far of Doughty’s managers) can feel particularly aggrieved over Doughty’s lack of forward-thinking, ambition and support. Unable to spend a single penny on players for more than two years (as well as having to drastically cut the wage-bill in his first season), Hart still managed take the club to the verge of the Premiership in his second season and earn Forest accolades as the best young footballing side outside the Premiership. Despite Hart targeting a number of reputable players during the summer of 2003 and bringing them to the City Ground for talks, contract negotiations collapsed at a late stage for reasons which have still never been fully revealed. Later both Danny Sonner and Brynjar Gunnarsson arrived on a free on the very eve of the season, but seriously struggled to find their feet. Both Forest and Hart paid the price for their lack of summer activity following a leg-break suffered by David Johnson and the departure of an unsettled Marlon Harewood following the breakdown of contract talks between the striker and the club. Although Hart was eventually given the green light to spend, replacement strikers Gareth Taylor and Marlon King failed to gel after being rushed into the side. Results rapidly worsened and Hart was sacked in February 2004 with Forest third from bottom.
  
  The pattern was repeated again in the 2004-05 season and once more in the 2005-06. Then following Forest’s worst league campaign in the club’s entire history one could be forgiven for expecting the club to finally make a concerted movement in the summer transfer market. It didn’t happen. Again Doughty talked of improving the squad later in the season and from ''a position of strength.'' Again Forest fell short.
  
• Ever since the disastrous early period of David Platt a complete failure of ambition and coherence has distinguished the club’s transfer activity. No serious attempt to break out of the vicious cycle of decline, which Doughty has clearly trapped the club into, has ever been made.
  
• A further important fact to remember is the during Derby's successful 2006-07 promotion season the Rams invested more money in new signings than Forest have in the last SIX seasons under Nigel Doughty.