Sean Dyche has made a positive start to life as manager at the City Ground and swiftly got Nottingham Forest back moving in the right direction in the Premier League — and will hope to help them progress in the Europa League, too.
While there has been plenty of change in the dugout this season, the third manager of the campaign does not expect Forest to be very busy in January, following a summer in which 13 new signings arrived at a cost of around £200million ($270m).
But here we take a look at what might happen, as the January transfer window opens. The information found within this article has been gathered according to The Athletic’s sourcing guidelines. Sources with knowledge of transfer dealings, who asked to be kept anonymous to protect relationships, have been spoken to before offering the clubs involved the opportunity to comment.
What is the manager’s priority?
There are no obvious holes in the Forest squad that require any urgent action. The anticipation is very much that it will be a slow window. Forest embarked on another round of significant strengthening last summer and the feeling is that minimal work is required.
“It is unlikely to be a big window. The club spent a lot of money getting ready for the challenge of the Premier League, the Europa League and whatever else comes in the Cup,” said Dyche in his press conference ahead of the visit of Manchester City tomorrow. “This club has shown that, if the right people become available at the right time, things can happen. But after the investment of the summer, it is likely to be a slow window. You have to be aware of the shifting sands of the market, which we certainly will be.”
A shortening injury list means Sean Dyche is unlikely to need January reinforcements (Ben Stanstall/AFP/Getty Images)
Dyche will be buoyed by the fact that the club’s injury list seems to be gradually shortening in length.
Chris Wood, Ola Aina, Taiwo Awoniyi and Dilane Bakwa have all been sidelined recently, but all are now back in training, with Bakwa and Awoniyi both in the squad at Fulham. It remains unclear exactly when Wood will be available again but he is making gradual progress with his recovery from a knee problem. Even Ryan Yates’ hamstring injury is much less severe than the club feared and he has already returned to training.
The information found within this article has been gathered according to The Athletic’s sourcing guidelines. Sources with knowledge of transfer dealings, who asked to be kept anonymous to protect relationships, have been spoken to before offering the clubs involved the opportunity to comment.
What positions will they be looking at in January?
There are no positions that Forest regard as being an absolute priority, with Forest having strength in depth in most areas of the pitch.
Right-back Aina is close to returning to fitness, having played for the under-21 side again on Monday night in the 1-0 Premier League Cup win against Wolves and his return will be a major boost. Both he and Neco Williams — who has been one of the most consistent performers this season — are capable of playing at left back, despite both being naturally right-sided.
Arsenal loanee Oleksandr Zinchenko — partly due to his own injury problems — is yet to make much of an impression at left-back, with three starts and a single substitute appearance in the top flight.
Forest will not terminate his loan but the club could explore the possibility of adding another left-back to their squad if the right player is available. But any new additions in any position would have to represent a significant improvement on current players.
Which players do they want?
There is interest in the possibility of a reunion with winger Dwight McNeil, who Dyche previously worked with at Burnley and Everton. But club sources suggest that, if interest does progress into something more solid, it might well be after the January window.
Forest are not short of options in the wide areas of the pitch, with Omari Hutchinson having flourished since Dyche took over as manager, while Bakwa is very highly regarded and Dan Ndoye played well on the right side in the opening months of the campaign.
McNeil more regularly operates on the left but, on that flank, Callum Hudson-Odoi was back to his best in the recent 3-0 win over Tottenham, when he scored twice.
McNeil has started only one Premier League game for Everton this season, while making a further seven substitute appearances, but might find more term opportunities with Iliman Ndiaye at AFCON with Senegal.
Who will they be looking to sell?
Forest are not actively seeking to sell any players in January. But they would consider allowing Willy Boly to move on, if the right opportunity presents itself.
The defender is a respected figure in the dressing room, but his opportunities are becoming limited — he has not made a Premier League appearance this season and his last game time came as an 89th-minute substitute in the 2-2 draw at Real Betis in the Europa League in September. His contract expires in the summer.
Willy Boly’s time at Forest could be drawing to a close (Michael Regan/Getty Images)
Taiwo Awoniyi — who was a key figure in helping Forest to retain their Premier League status in the first season after promotion — has dropped down the order of forward options at Forest, but with Wood still working to regain his fitness, the club will take a cautious stance when it comes to any interest in him.
Will anyone move out on loan?
Had the club not had the injury problems that they have, there might have been a world in which Forest would have been willing to listen to loan offers for James McAtee and Arnaud Kalimuendo.
But both men have featured regularly in Europe — with Kalimuendo having scored in both his last two appearances in the Europa League. The duo also came off the bench at Fulham as Forest looked to find a way back into the game and the coaching staff regard them as figures who will have a part to play. McAtee has not flourished in his one Premier League start and five sub appearances since his £30million move from Manchester City, but is held in high regard.
Dyche likes to retain some consistency in his Premier League team selection, but he also understands the need to rotate in Europe, so the club will be reluctant to let either of them leave.
Forest are expected to tinker with their Europa League squad after the final two group games in January, against Braga and Ferencvaros, with Hutchinson and a fit-again Aina set to be included.
What is their PSR position?
Forest remain positive that they are on the right side of Premier League profit and sustainability regulations and that there will be no repeat of the four-point deduction they were handed in March 2024 for breaches of those rules.
The club have historically made timely sales to bolster their own spending power — last summer they sold Anthony Elanga to Newcastle for an initial fee of £52million, but also recouped £22m for Danilo when he joined Botafogo and £11m for Ramon Sosa when he signed for Palmeiras.
That is a path they will need to continue to walk, but more so in the summer, rather than during the January window. Forest are prepared for interest in Elliot Anderson, particularly if he thrives with England at the World Cup. He has rapidly evolved into the club’s prize asset.
Forest could be under threat of falling foul of UEFA spending rules on two different fronts. But the punishments for such breaches — if, indeed, there are any — would come in the form of financial penalties, rather than any kind of points deduction.
What sort of budget do they have?
That £200m investment last summer was balanced out by those intelligent sales. But, even so, their January budget will need to be managed cautiously. Forest do not have a vast amount of room for manoeuvre and will need to sell again in the summer, to give them the freedom to operate in the transfer market once more.