Nottingham Forest have already joined John Textor’s multi-club network for Igor Jesus and Jair, but fresh details from the Brazilian now raise wider questions about how those moves were structured.
The Premier League side signed both players after they were initially involved in a complex operation between Botafogo and Lyon, two clubs under Textor’s Eagle Football umbrella. report from Earth Outline a system that helped with liquidity in Brazil but required the French side to incur significant debts.
Therefore, Nottingham Forest’s role sits at the end of the series rather than the beginning of it. However, now the price and timing of both deals look more remarkable.
How Igor Jesus’ path led to the forest
Igor Jesus was first sold by Botafogo to Lyon for €35m (£30.2m). This figure never directly reflected transfers – in fact, he never signed or even played for a French side.
Instead, Botafogo hoped for future payment through a financial fund, from which it would receive €31.4m upfront (£27.1m). Of that, €18.4 million (£15.9 million) was redirected to Lyon to support their cash flow.
However, Lyon “failed to fulfill part of its obligation”. A payment of €14.3 million (£12.3 million) due to the fund in November 2025 remains unpaid, prompting recent legal action in England.
Then Nottingham Forest entered the picture. They signed Igor Jesus for €19m (£16.4m), a fee €16m less than the initial Lyon valuation.
From a sporting perspective, the Brazilian forward performed well at Botafogo. He scored regularly in 2025 and offered physical presence and mobility in the front line.
Nevertheless, the decline in valuation suggests that the earlier €35m figure was driven more by financial engineering than market demand.
Jair deal follows similar pattern
Jair’s situation closely mirrors that structure. The centre-back was sold by Botafogo to Lyon for €20.9m (£18.0m), as part of a joint deal that also included midfielder Savarino.
Again, Botafogo expected payment, receiving €21.8m (£18.8m) in advance and sending €12.5m (£10.8m) to Lyon. Jair was never close to joining the French club.
Later, Nottingham Forest secured the defender for €11m (£9.5m). This is approximately €10m less than the earlier internal valuation.
Jair was developing into a reliable defender in Brazil. In the 2025 season, he combined strong aerial numbers with consistent defensive actions, including clearances and duels won.
His profile fits the bill physically in the Premier League, which perhaps explains Forest’s interest despite the unusual financial path behind him.
New layer added to Nottingham Forest payment details
Additional details from the latest report help explain how Nottingham Forest’s involvement fits into the broader picture.
The report states that Botafogo received €23m (£19.9m) from Forest on June 4, 2025. The very next day, Lyon were loaned €25.5m (£22.0m).
The payment from Forest was not tied to any one deal. Instead, it involved several operations. Of the €23 million, €19 million belonged to Igor Jesus, €3 million to Jair, and €1 million to Quibano.
However, those figures do not exactly match the final transfer prices. Igor Jesus was eventually sold for €19m (£16.4m), while Jair’s deal reached €11m (£9.5m). The move to Quibano was valued at €4m (£3.4m).
Additionally, the €23m package also helped to balance other Botafogo operations. This includes the arrival of Danilo and the departure of goalkeeper John.
Another key detail emerges. When this transaction took place, John Textor was no longer in charge at Lyon. In theory, the shared cash model was already dead. Nevertheless, money continued to flow between clubs.
Botafogo still claims to be owed a significant sum by the French side, which adds further uncertainty to the overall structure.
What does this mean for nottingham forest
Nottingham Forest’s involvement does not appear to have been part of the original financial structure. instead, Evangelos Marinakis only took advantage of opportunities Once the internal Eagle transaction had already taken place.
Still, the contradiction in assessment is striking. Both Igor Jesus and Jair arrived in England for a fee significantly lower than their previous “paper” prices.
This could work in Forrest’s favour. The low entry costs reduce the risk, especially for players learning from Brazilian football. At the same time, the background to these deals highlights the complexity of operating within the multi-club ownership model.
🇮🇹Lorenzo Lucca | “No one could face him”
➡️ Italian criticism going to extremes
✂️ The Nottingham Forest loanee has also been targeted for using a different hairdresser to other players…https://t.co/tOTVIKCm5p #nffc– Sports Witness (@Sport_Witness) 10 March 2026
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