After a strong season that saw the team secure European qualification for the first time since the 80s, Nottingham Forest has been busy. They have spent £123 million on six new first-team players, with more likely to come, while seeing seven depart for £102 million.
The feeling at the City Ground is positive, with fans eager to see how their new signings will perform. But have they had the best summer transfer window in the Premier League?
Of the players who have left, only Anthony Elanga can be considered a big loss. The winger was arguably Forest's best player last season, scoring six goals and providing 12 assists in his 43 games across all competitions.
Morgan Gibbs-White came close to joining him after Tottenham activated his secret £60 million release clause, but owner Evangelos Marinakis wasn't having any of it. Instead, he agreed a new deal with the England international and filmed an announcement video.
Forest have seemingly bucked the trend of having their squad picked apart by the 'big boys' after a successful season. Instead, they have sold players that were deemed surplus to requirements in order to raise funds.
Danilo, Ramon Sosa, Andrew Omobamidele, Matt Turner, and Lewis O'Brien all left for decent fees, while Jonathan Panzo and Harry Toffolo both left as free agents. Most importantly, the players signed are an improvement.
It's going to be a busy season for Forest now that they have European football. What was ultimately their undoing at the end of 2024-25 was that they simply didn't have the same level of depth their rivals did.
Heading into the new season, it's clear that Gibbs-White was their main man. Three goal contributions in his final three games showed just how important he was. Should the worst happen, and he picks up an injury, McAtee or Hutchinson can come in and do a similar job.
The same could be said for Chris Wood. Emmanuel Dennis and Taiwo Awoniyi had their moments, but they're a different profile to the big Kiwi, more nimble while Wood is a battering ram that can strike a ball like few others and beat defenders in the air.
Igor Jesus, signed from Botafogo, fits the Wood mold a little better, but it's going to take some time for him to get up to speed with the physicality of the Premier League.
Dan Ndoye might be the most exciting signing of their summer so far, however. He gave the fans a little taste of what he can do in his debut, although don't expect him to score many more headers this season. He's a little more versatile than Elanga and can play on the left just as well as he does on the right.
Where Forest have flourished, two of their biggest rivals last season, Newcastle and Aston Villa have struggled. Eddie Howe's side have been turned down by the likes of Benjamin Sesko, Liam Delap, and Joao Pedro, among others, although Malick Thiaw and Elanga are both good additions.
Villa's window has been a little different. Spending 91% of their revenue on wages last season has PSR on their back and failure to qualify for this season's Champions League has massively impacted their ability to spend.
Newcastle have helped Unai Emery out a little bit there, signing Jacob Ramsey for a reported fee of £43 million, and considering Ramsey is a homegrown player, Villa have a little more wriggle room to bring in new players over the next couple of weeks.
The Athletic recently reported that Forest are working on a deal to sign Rico Lewis from Man City, although it's understood the player is reluctant to make the move and would much prefer to remain under Pep Guardiola.
Whether that deal happens or not, it's a major statement of intent. Lewis has been a consistent starter for one of the best teams on the planet, and he hasn't looked out of place among the superstars Guardiola has at his disposal.
It's also been reported, again by The Athletic, that a deal for Douglas Luiz is close. The Brazilian has been poor at Juventus, but that's not entirely his fault, injuries have played a major role in his disappointing time in Italy.
Luiz is a player with plenty of Premier League experience. It may take him a little time to shake off the rust but he still has it in him to be a big player, should he join.
One player that is pretty much sorted is Arnaud Kalimuendo. The French striker will come in from Rennes for a reported fee of around £26 million, and he will offer an entirely different option to Wood, their main man up top.
Kalimuendo was a standout in a difficult season for Rennes, bagging 17 goals and providing three assists in his 33 Ligue 1 games, with his club finishing down in 12th.
It's a good time to be a Nottingham Forest fan. In this window they've managed to address at least some of the issues they had last season, most notably adding strength in depth and signing young players with high ceilings.
Keeping onto some of their most valuable assets can't be downplayed either, so, when it comes to winning the transfer window, it's hard to find a club that has been able to build upon their previous campaign like Forest.
