By Martin Graham
Evangelos Marinakis is a Greek entrepreneur best known for his work in global shipping. He founded Capital Maritime & Trading Corp. and in 2017 was recognized by Lloyd’s List as Greek Shipping Personality of the Year. Beyond shipping, he has expanded into the media sector, where his company Alter Ego Media owns major Greek newspapers Ta Nea and To Vima, as well as the television outlet One Channel. Earlier in 2025, Alter Ego Media entered the Athens stock exchange as the country’s largest media organization.
His involvement in sport began with Olympiakos, purchased in 2010, where the club has since collected 11 league titles along with the 2024 Europa Conference League trophy. Marinakis later took control of Nottingham Forest in England, and his portfolio has also included Portuguese side Rio Ave.
Over the years, Marinakis has faced legal scrutiny. Allegations in Greece included claims of match manipulation and involvement in a criminal group, accusations from which he was acquitted in 2018. Other incidents tied his name to a referee’s bakery bombing and to the “Noor 1” heroin case in 2014, but no charges were brought. He is currently under investigation in connection with events following a volleyball match between Olympiakos and Panathinaikos in December 2023, though he maintains the case is groundless and motivated by blackmail attempts.
Why his control of Forest changed
On 29 April 2025, Forest was chasing a Champions League place when official records showed Marinakis ceased to be registered as a person with significant control at the club. This step, filed through Companies House, was required because Olympiakos was also set for Champions League participation. UEFA regulations prohibit two clubs under the same authority from competing in one tournament, so ownership was shifted to a blind trust.
Although this arrangement suggested Marinakis had stepped back, he was still visible at matches and was seen speaking with coach Nuno Espirito Santo in May after a draw with Leicester. Forest finished seventh, qualifying first for the Conference League before later being promoted to the Europa League. With Olympiakos in the Champions League, the conflict was avoided.
On 12 June, Companies House confirmed that Marinakis had resumed formal control of Forest. The update stated that he directly or indirectly controlled more than 75% of the shares, reinstating his official position.
UEFA rules and wider implications
The episode highlights how UEFA’s multi-club framework functions. While designed to prevent conflicts of interest, the rules allow an owner to move shares into a trust to demonstrate separation. According to football finance analyst Kieran Maguire, Marinakis followed regulations and did nothing improper. Legally, the blind trust sufficed, even if his presence around the club raised eyebrows.
The contrast with Crystal Palace illustrates the consequences of not meeting the March deadline to comply. Their surprise FA Cup success earned them a Europa League spot, but co-owner John Textor also held a stake in Lyon, who qualified for the same competition. Because no timely action was taken, Palace were demoted to the Conference League after a failed appeal, with Forest taking their place.
Why the Nuno-Marinkis relationship collapsed
The partnership between Nuno Espirito Santo and Marinakis soured over the summer. Sources suggest disputes over recruitment were a key factor, with Nuno feeling sidelined in transfer matters. He admitted their daily dialogue from the previous season had diminished, emphasizing that unity was lacking within the club.
Despite his role in Forest’s successful 2024–25 campaign, Nuno was dismissed weeks later. The club announced his departure with a short statement after midnight, expressing gratitude for his contribution and acknowledging his place in Forest’s recent history.
