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Manchester City has come back to the table with a substantially larger check for Nottingham Forest midfielder Elliot Anderson, and Forest has essentially responded by sliding it back across the table.
The club’s improved bid is valued at £106 million in guaranteed fees, with performance-related add-ons that could push the total package north of £120 million. Forest rejected it. The East Midlands club reportedly values their 23-year-old England international at £120 million before any bonuses are even factored in.
The gap between wanting and having
Manchester City’s first approach was an offer of roughly £85 million, which Forest dismissed without much deliberation. The second bid increased significantly on that initial figure in total potential value, but the structure of the deal, heavily weighted toward add-ons, apparently didn’t satisfy Forest’s board.
Forest isn’t just holding out for more money. They’re reportedly angling for a new British transfer record, which would mean a fee potentially exceeding £125 million.
Anderson himself has reportedly indicated a preference for moving to Manchester City over Manchester United, who have also shown interest. Personal terms between the player and City are not expected to be a sticking point.
Why Forest can afford to wait, and why City can’t
City’s situation is more complicated. The summer transfer window is approaching, and with a World Cup on the horizon, the timeline for integrating a new midfielder into the squad is tightening.
Some reports have indicated that City might consider walking away from negotiations entirely if their expectations aren’t met.
Manchester United’s lurking interest adds another layer. While Anderson may prefer City, United’s willingness to engage gives Forest a second bidder to play against.
The negotiations are described as either advanced or at a capping stage, depending on which source you believe.
What this means for investors and the transfer market
A completed deal at or above £120 million would reset the benchmark for British transfer fees. If Forest secures their asking price, every Premier League club with a young England international on their books just got a little richer on paper.
The deal also has implications for Nottingham Forest’s financial positioning. A sale of this magnitude would provide enormous runway for reinvestment, potentially allowing Forest to make multiple high-quality signings while still booking a profit that satisfies financial fair play requirements.
As of mid-June 2026, no agreement has been reached. The gap between City’s offer structure and Forest’s valuation remains meaningful.
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