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Evangelos Marinakis just blinked at a nine-figure check, and honestly, it is the smartest thing he has done all year.
Manchester City thought they could walk into Nottingham Forest and pluck away the crown jewel of their midfield. They were wrong. Hugo Viana and the Etihad recruitment team structure returned with a second, massive verbal proposal. It totaled over £120 million. Specifically, they offered a guaranteed £106 million up front with an extra £15 million tied up in performance bonuses.
Forest said no.
Some people think that is absolute madness. How do you turn down £121 million for a player you signed from Newcastle United for £35 million just a few years ago? You do it because you understand market leverage. You do it because you know that in the modern Premier League, elite, dynamic English midfielders are rarer than hen's teeth.
The real numbers behind the rejected bid
Let us break down exactly what happened here. City first testing of the waters with an £80 million opening offer got laughed out of the room. This second offer was a serious attempt to force Forest to the table before the upcoming international tournament window.
According to David Ornstein at The Athletic, Forest are holding out for a transaction that doesn't just match the current market standard—they want to break it. They want a guaranteed fixed fee that surpasses the British transfer record. That record currently sits at the £125 million Liverpool paid Newcastle for Alexander Isak last summer.
Notice that key distinction. Forest do not want £106 million with clauses that might turn into £121 million if City win another treble. They want the base fee to start north of £125 million before anyone even mentions add-ons.
With Manchester United officially pulling out of the race because Michael Carrick needs to spread his budget across multiple positions, City thought they had a clear runway. They hoped a package pushing past £120 million would break Marinakis's resolve. Instead, it showed Forest that City are desperate.
Why Elliot Anderson is worth the record fee
If you only look at the basic stat line from last season, you might wonder why Pep Guardiola's side is willing to break the bank. Four goals and four assists in 38 Premier League appearances doesn't look like world-beating production on paper.
But football matches aren't played on paper.
Anderson was the heartbeat of the Forest side that navigated a brutal top-flight campaign. He played in every single league match. His durability is remarkable for a 23-year-old playing high-intensity minutes in the center of the park.
Look at his performances in the final weeks of the season. In a high-pressure match against Manchester United on May 17, Anderson played the full 90 minutes, setting up two goals, completing 50 accurate passes, and winning three fouls while managing the game's rhythm. A week earlier against Newcastle, he scored a vital goal while winning three out of three tackles. He isn't just a luxury creator. He does the dirty work.
He is exactly the type of hybrid progressor City lack when Rodri needs a rest or when teams sit in a low block. He possesses that rare combination of carrying power, spatial awareness, and tactical intelligence that Guardiola craves.
Development path since the Newcastle move
When Anderson arrived from St James' Park, the deal was heavily scrutinized because Odysseas Vlachodimos went the other way, effectively valuing the midfielder at around £15 million in the accounting books. Look at him now.
- September 2025: Earned his senior England debut.
- Summer 2026: Named in Thomas Tuchel's FIFA World Cup squad.
- Current Status: Handed the No. 8 shirt for the national team's tournament run in North America.
The World Cup factor and market inflation
Forest know exactly what they are doing by stalling. The tournament in North America is about to start. If Anderson goes out and performs in the No. 8 shirt for Tuchel's England, his price tag won't stay at £120 million. It will skyrocket.
The market has completely shifted. When Enzo Fernandez moves for £105 million and Declan Rice commands £105 million, a 23-year-old established English international with three years left on his contract is the ultimate premium asset. Forest have zero financial pressure to sell right now. They hold all the cards.
City wanted this wrapped up early precisely to avoid the "major tournament tax." By rejecting the £106 million plus bonuses offer, Forest are betting on their player to shine on the world stage. It is a calculated gamble, but given Anderson's trajectory over the past twelve months, it is a safe one.
If City want their man, they are going to have to return with a bid that starts with a guaranteed £120 million minimum, with add-ons pushing the final package toward £140 million. If City refuse to pay it, Forest simply keep one of the best young midfielders in the country for another season. Either way, Nottingham Forest win.
