Nottingham Forest have announced losses of £21.5million for the last financial year.

The figure is down from £24million the previous year but the club's net debt increased from £52million to £82million.

Turnover was up for the year ended May 31, 2015 - £17.4million from £15.3million - but wages increased by £2million to £26milion.

The report showed that the club's debt to Kuwaiti owners, the Al Hasawi family, increased from £37million to £67million with it stating that is "repayable only at such time as the club is in a position to repay the outstanding loans."

The report also said that chairman Fawaz Al Hasawi "has confirmed his intention to maintain this support for a period of at least 12 months from the date the accounts were signed" - which was November 23, 2015.

Forest are hoping to emerge from their Financial Fair Play (FFP) transfer embargo this summer following the £7million sale of Michail Antonio to West Ham in August, together with further cost-cutting by manager Dougie Freedman.

Under FFP rules, Championship clubs will be permitted to lose a maximum of £13million during the 2015-16 season.