Fawaz Al Hasawi has pledged to continue to support Nottingham Forest 'in every way possible' as he issued a statement apologising for the negative publicity the club has attracted in recent weeks.
The Reds owner and chairman also said that it was the 'most difficult' decision he has had to make during his time at the club, when it came to parting company with Stuart Pearce.
Forest found themselves in the spotlight when Peterborough chairman Darragh MacAnthony launched a public attack on the club for their apparent failure to pay a portion of the transfer fee that was owed for Britt Assombalonga on January 30.
In the fallout that followed, Al Hasawi appeared to threaten to walk away from the City Ground after himself coming under fire from fans on Twitter.
He has subsequently assured supporters that he has no plans to quit – and has today confirmed that any money owed to Peterborough has now been paid. As a result, Forest are no longer under a full transfer embargo and new boss Dougie Freedman will be able to sign players again, in the emergency loan market.
And Al Hasawi released a statement saying: "I would like to start by apologising for the negative publicity the club received last week. We know who was responsible for that.
"Let me reassure everyone that all monies owed over transfer-related transactions have now been paid, resulting in the recent embargo being lifted. This means the manager will still be able to bring players in on emergency loan under the initial Financial Fair Play restrictions.
"Since the summer of 2014 I have spent more than £22million and I will continue to support the club in every way possible."
Al Hasawi went on to reveal his dismay over the decision to part company with Pearce – a man he believes still holds legendary status at the club, despite his frustrating run of results as manager.
"It has been another busy period for the club with Stuart being relieved of his duties following last weekend's defeat to Millwall," continued Al Hasawi. "As I said at the time, that decision was by far the most difficult I've had to make as owner and chairman of Nottingham Forest. I know how much Stuart means to our supporters and he did a huge amount of excellent work behind the scenes.
"He made significant strides towards integrating our academy and first-team set-ups and proved on a number of occasions his willingness to give our younger players a chance to prove themselves, while his keenness to engage with supporters at a variety of events was fantastic.
"Sadly, my hand was forced based on results on the pitch. But I hope we can all take consolation from the fact his relationship with the club hasn't deteriorated as a result of his managerial tenure, for which our fans must take immense credit. You backed him all the way."
Forest have today tied experienced keeper Dorus de Vries to a new contract, with the Dutchman, 34, signing a new deal that will keep him at the City Ground for another two years beyond next summer.
