So we finally found someone willing to defend Evangelos Marinakis. The Nottingham Forest owner has received a strong defence from Rio Ave president Alexandrina Cruz, who has hit back at accusations about his transfer dealings in Portugal.

Her comments follow criticism from presidential candidate Avelino Fernandes, who accused Marinakis of putting his own interests ahead of the Portuguese club’s. He questioned why players had joined Olympiacos despite reportedly attracting higher offers elsewhere.

Cruz, who is standing for re-election, has a very different view of the Greek businessman. She says he’s deeply involved in Rio Ave’s development, visits more often than people realise and has invested beyond his contractual obligations.

And when it comes to those disputed transfers, she reckons her opponent doesn’t know what he’s talking about.

Rio Ave president hits back at Marinakis criticism

Speaking to Portuguese newspaper A Bola, Cruz was asked about Fernandes’ criticism of André Luiz’s move to Olympiacos.

“It’s easy to talk about things you don’t know,” she replied.

“A deal involves three parties: the selling club, the buying club and the player himself. That criticism shows a lack of understanding of how the transfer market works.”

“A deal isn’t judged solely by the amounts involved, but also by a complex set of clauses that can go far beyond the initial offer.”

Fernandes had argued Rio Ave lost money by selling André Luiz and Clayton to Olympiacos for less than other clubs had offered.

In February, we covered comments attributed to the businessman in which he acknowledged rejecting offers worth more than €30m (£25.1m) for the two players.

The president was also asked specifically about Benfica’s reported interest in André Luiz and why a deal with the Lisbon club hadn’t happened.

“Nothing went wrong. A negotiation depends on the willingness of everyone involved, including the player’s preferences and the specifics of the offer.”

“The overall terms agreed for the transfer to Olympiacos were, taken together, the best offer.”

Cruz didn’t disclose those additional conditions, so there’s no detailed financial comparison between the proposals.

Still, her position is clear. She believes Rio Ave made the right decision, despite the criticism surrounding a transfer between two clubs under Marinakis’ control.

Marinakis visits more often than people think

Evangelos Marinakis

The Rio Ave president also spoke at length about her relationship with the Nottingham Forest owner.

“It’s very positive, with great closeness and cooperation across the entire structure. It’s part of a dynamic that includes other clubs managed by the same group [Olympiacos and Nottingham Forest].”

“Evangelos Marinakis is someone very close to us and very concerned about Rio Ave. The word that best defines our relationship is closeness.”

She then revealed that the Greek businessman spends more time in Portugal than supporters might realise.

“I understand that only a few people may see him, but he’s there more often than is publicly known.”

“We also have regular meetings elsewhere, outside Vila do Conde [the club’s training centre], always dedicated to managing and planning Rio Ave’s future.”

Cruz pointed to the club’s infrastructure as evidence of his commitment.

“The arrival of the majority investor brought changes across the board, with a direct impact on Rio Ave’s facilities and assets,” she explained.

“We implemented a lot of things to improve the quality of the project. That shows how much the owner values it and how much he wants to be in Vila do Conde and alongside Rio Ave.”

Fair to say there’s quite a difference between what Cruz and Fernandes are saying about Marinakis. And with Rio Ave heading towards an election, the owner is finding that his decisions in Portugal are now becoming a central part of the campaign.

Sport Witness Analysis: Evangelos Marinakis and his clubs

EVANGELOS MARINAKIS
Football clubs · Honours & major achievements during his ownership
Sport Witness
Club Ownership began Main achievements under Marinakis
Olympiacos
Greece
2010 11 league titles, five Greek Cups, one Greek Super Cup and the 2024 UEFA Europa Conference League. Also won the UEFA Youth League in 2024.
Nottingham Forest
England
2017 Premier League promotion in 2022. Seventh in 2024/25, followed by a return to Europe and a Europa League semi-final in 2025/26.
Rio Ave
Portugal
2024
Investment approved in 2023
Portuguese Cup semi-finalists in 2024/25. Retained top-flight status; no senior first-team trophy during his ownership.
OLYMPIACOS · TROPHIES DURING HIS OWNERSHIP
Competition Titles Seasons / editions
Greek league 11 2010/11, 2011/12, 2012/13, 2013/14, 2014/15, 2015/16, 2016/17, 2019/20, 2020/21, 2021/22, 2024/25
Greek Cup 5 2011/12, 2012/13, 2014/15, 2019/20, 2024/25
Greek Super Cup 1 2025 edition, played in January 2026
UEFA Europa Conference League 1 2023/24
SENIOR FIRST-TEAM TOTAL 18 League, domestic cups and European trophy
UEFA Youth League 1 2023/24 · Under-19 competition; excluded from senior total
Domestic dominance: Seven consecutive league titles from 2010/11 to 2016/17 and five league-and-cup doubles.
European breakthrough: The senior team’s 2024 Conference League triumph followed the academy’s UEFA Youth League victory that April.
NOTTINGHAM FOREST · MAJOR MILESTONES
2021/22 Won the Championship play-offs, beating Huddersfield Town at Wembley to end a 23-year absence from the Premier League.
2024/25 Finished seventh in the Premier League, the club’s highest league position since 1994/95, and qualified for Europe.
2025/26 Returned to UEFA competition for the first time since 1995/96 and reached the Europa League semi-finals — their first European semi-final since 1984.
RIO AVE · ACHIEVEMENTS SINCE THE INVESTMENT
Portuguese Cup Reached the semi-finals in 2024/25.
League finishes 11th in 2024/25 and 12th in 2025/26, maintaining Primeira Liga status.
Senior trophies None during Marinakis’s ownership to date.
Scope: Achievements recorded during Marinakis’s ownership of Olympiacos, Nottingham Forest and Rio Ave. Covers men’s senior football, with Olympiacos’s UEFA Youth League success identified separately. Other sports, women’s football and additional domestic academy honours are excluded.
Ownership: Marinakis took control of Olympiacos in 2010 and Forest in 2017. Rio Ave members approved the investment in November 2023; the acquisition of 80% of its football company was completed in 2024. Forest’s play-off success is listed as a promotion achievement, separately from Olympiacos’s senior trophy total.
Updated: 13 November 2026.
SPORT WITNESS