NFFC Financial Talk

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The Commission noted that there were few documents that demonstrated what Forest was doingabout its PSR issue. There were no board meeting minutes and only a few emails or messagesincluded within disclosure. Most communications were apparently oral. Mr Bonser, the FinanceDirector at Forest, did produce some forecasts of its PSR position. The first was on 22 August2022, the next was a week later and the next was on 29 September 2022. During this period,Forest was investing in players, so the PSR forecast was changing, but the last of thesecommunications from Mr Bonser was forecasting a significant breach, absent intervention fromthe Club. These communications did not deter the Club from bringing further players in overthe January 2023 transfer window (see paragraph 5.12 above).