The multi-club ownership (MCO) in European football is once again under the spotlight, with prominent shipowner and football magnate Evangelos Marinakis at its centre. As Nottingham Forest Owner Evangelos Marinakis navigates the challenges of the Premier League, the ownership of multiple Evangelos Marinakis Clubs – notably Greek giants Olympiacos and Portuguese side Rio Ave – presents a looming challenge concerning UEFA regulations, particularly if his flagship clubs qualify for the same European competition next season.
UEFA, European football’s governing body, maintains strict rules designed to protect the integrity of its competitions, specifically Article 5 on Integrity of the Competition/Multi-Club Ownership. This regulation prevents two clubs that are majority-owned or decisively influenced by the same entity or individual from competing in the same UEFA club competition (Champions League, Europa League, or Conference League). This potential conflict is becoming increasingly pertinent for the Evangelos Marinakis football clubs.
Recent reports suggest ongoing dialogue and potential restructuring behind the scenes to ensure compliance. While Marinakis remains the ultimate owner of Nottingham Forest, operational adjustments have been reportedly considered or implemented previously to demonstrate sufficient separation between his clubs, satisfying UEFA’s criteria should a clash arise. However, the governing body’s stance remains firm: clear independence between competing clubs under common ownership is non-negotiable.
This situation forces a potentially difficult choice or complex structural manoeuvre for the Marinakis administration, highlighting the growing pains and regulatory scrutiny surrounding the increasingly popular MCO model across the continent.
Evangelos Marinakis Football Clubs: How Many Clubs Does He Own?
Evangelos Marinakis, a figure synonymous with success in shipping and controversy in football, currently holds controlling stakes in three European football clubs:
- Olympiacos F.C. (Greece): Marinakis acquired his boyhood club, Olympiacos, based in Piraeus, Athens, in mid-2010. His tenure has been marked by sustained domestic dominance, with the club winning numerous Greek Super League titles and Greek Cups. Olympiacos has been a perennial participant in UEFA competitions under its ownership, frequently featuring in the Champions League and Europa League group stages. His connection to Olympiacos is deep-rooted and passionate, reflecting his local ties.
- Nottingham Forest F.C. (England): In May 2017, Marinakis completed the takeover of the historic English club Nottingham Forest, purchasing it from Fawaz Al-Hasawi. His stated ambition was to return the two-time European Cup winners to the Premier League, a feat achieved via the Championship play-offs in May 2022 after significant investment in the playing squad and infrastructure. The Evangelos Marinakis Nottingham Forest ownership has been characterised by high spending, frequent managerial changes, and intense scrutiny, including recent points deductions for breaching Premier League Profitability and Sustainability Rules (PSR).
- Rio Ave F.C. (Portugal): Marinakis expanded his footballing footprint in November 2024 by acquiring a majority stake (around 80%) in Portuguese Primeira Liga side Rio Ave. This move solidified his position as a significant multi-club owner, adding a third nation to his portfolio and potentially creating further strategic synergies – or complications – within his network of Evangelos Marinakis clubs.
His journey into club ownership began with Olympiacos, leveraging his considerable wealth derived primarily from a global shipping empire. The acquisition of Nottingham Forest represented a move into one of the world’s most commercially lucrative leagues, while the Rio Ave purchase suggests a broader strategic vision for talent development and European reach across the Evangelos Marinakis Football Clubs.
Spotlight: Nottingham Forest Owner Evangelos Marinakis and Evangelos Marianakis Wife
Beyond the headlines of football ownership and business dealings, Evangelos Marinakis maintains a relatively private family life. Born in Piraeus, Greece, in July 1967, Marinakis followed his father, Miltiadis Marinakis, into the shipping industry, eventually founding Capital Maritime & Trading Corp. He holds degrees in International Business Administration and a Master’s in International Relations. His estimated net worth, according to Forbes, fluctuates but consistently places him among Greece’s wealthiest individuals (estimated around $3.6 billion as of early 2024, though figures vary).
Regarding his personal life, Evangelos Marinakis wife is Athanasia Marinaki (née Kassioti). The couple maintains a low public profile. Together, they have four children – a son, Miltiadis Jr., and three daughters. While Athanasia is occasionally seen at high-profile events alongside her husband, details about her personal background or professional life are not widely publicised, aligning with the family’s preference for privacy away from the intense media scrutiny often surrounding Marinakis’ business and football activities.
The UEFA Conundrum: A Detailed Look at the MCO Challenge
The most pressing strategic challenge facing the Evangelos Marinakis clubs’ network revolves around UEFA’s Article 5. The core principle is straightforward: to prevent any conflict of interest, perceived or real, where one owner could potentially influence the outcome of matches between their commonly-owned teams competing in the same tournament.
How the Rule Works:
- Prohibition: Two clubs under the decisive influence of the same owner cannot participate in the same UEFA club competition simultaneously.
- Hierarchy Rule: If both clubs qualify for the same competition (e.g., both for the Europa League), only one can participate. Generally, priority is given to the club that finished higher in its domestic league or, if applicable, the domestic cup winner. The other club may potentially be relegated to a lower-tier UEFA competition (e.g., from Europa League to Conference League) if a slot is available and they qualify for it based on domestic performance. If not, they could face exclusion from Europe altogether for that season.
- Different Competitions: If one club qualifies for the Champions League and the other for the Europa League or Conference League, there is generally no conflict under current rules, and both can participate in their respective competitions.
The Impact on Evangelos Marinakis’ Clubs:
The issue becomes acute if both Nottingham Forest and Olympiacos achieve European qualification for the same competition tier in any given season. For example:
- If Forest finished, say, 7th in the Premier League (potentially qualifying for the Europa League or Conference League depending on cup winners) and Olympiacos won the Greek Super League (qualifying for Champions League qualifiers, but potentially dropping into the Europa League) or finished second (likely Europa League qualifier).
- If both teams won domestic cups, it would lead to the same UEFA competition.
Given Olympiacos’ consistent presence in European qualifiers and Nottingham Forest’s ambition (despite recent struggles) to establish themselves as a Premier League side potentially challenging for European spots, this scenario is plausible in the near future. The addition of Rio Ave adds another layer, though their current standing makes simultaneous qualification with the other two in the same tier less likely for now.
Potential Solutions & Precedents:
Owners facing this dilemma typically explore several avenues:
- Ownership Restructuring: Reducing the stake in one club below the threshold UEFA considers ‘decisive influence’ (often cited around 30%, though UEFA assesses case-by-case based on control, not just percentage). This could involve selling shares or placing them in a truly independent trust.
- Demonstrating Separation: Proving to UEFA that despite common ultimate ownership, the clubs operate entirely independently with separate management structures, decision-making processes, and no operational overlap. This is the path seemingly explored by Marinakis regarding Forest’s operational control.
- Accepting the Hierarchy: Prioritising one club’s European participation over the other based on UEFA’s hierarchy rules if a clash occurs.
UEFA has dealt with similar cases involving Red Bull (Salzburg and Leipzig) and clubs linked to INEOS (Nice and Manchester United), often requiring significant undertakings regarding operational independence before granting clearance for participation in the same season, albeit usually when they qualified for different tiers initially.
Below follows a New Year’s message from the owner of Nottingham Forest, Evangelos Marinakis:
I wish the entire Forest Family – our magnificent supporters, our players, our coach, and our staff – a New Year filled with happiness, health and success!
In 2024, we made great… pic.twitter.com/9LMKK14Y3G
— Nottingham Forest (@NFFC) December 31, 2024
A Balancing Act for Ambition and Compliance
The situation encapsulates the tightrope walk that multi-club owners like Evangelos Marinakis must perform. The MCO model offers potential benefits – shared scouting networks, player development pathways, economies of scale – but runs headfirst into regulatory frameworks designed to safeguard competitive balance and integrity.
For Nottingham Forest Owner Evangelos Marinakis, the challenge is amplified by the high profiles and passionate fan bases of both Forest and Olympiacos. Any decision perceived as favouring one club’s European chances over the other could provoke significant supporter backlash. Furthermore, the heavy investment made, particularly at Forest, implies a clear ambition for European football, not merely Premier League survival.
The regulatory landscape is also evolving. UEFA president Aleksander Čeferin has acknowledged the unstoppable rise of MCOs while insisting that the rules ensuring integrity will remain robust, possibly even being refined or strengthened in the future. This means compliance is not a one-off task but an ongoing requirement.
Fans of both Nottingham Forest and Olympiacos will undoubtedly watch developments closely. While the synergy of the Evangelos Marinakis clubs’ network might offer long-term strategic advantages, the immediate focus will be on navigating UEFA’s stringent regulations to ensure that European nights, earned on the pitch, are not jeopardised by boardroom structures.
Looking Ahead For Evangelos Marianakis, Nottingham Forest
As the 2024/25 domestic seasons conclude across Europe, the final league standings and cup results will determine the European fate of the Evangelos Marinakis Football Clubs. Should both Nottingham Forest and Olympiacos secure qualification for the same UEFA competition tier for the 2025/26 season, the effectiveness of any pre-emptive structural adjustments made by Marinakis and his administration will be put to the test under UEFA’s critical gaze.
The outcome will be significant not only for the clubs involved but also as a marker for the future of multi-club ownership in European football. Will intricate corporate structuring satisfy the regulators, or will owners be forced into more definitive choices about where their primary footballing ambitions lie? For Evangelos Marinakis, Nottingham Forest, and his wider network, the answer will shape their continental aspirations in the seasons to come. The spotlight remains firmly on how this complex balancing act between ambition and compliance unfolds.
