These are the two teams battling out the relegation. The last and and the second last in the board. With this win, Forest can come out of the danger zone. They are 4-2 up. Southampton will relegate if they lose (almost).
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I presume going down in league means a lot less money, both for the team and players.
yes. That's true. Less funding and losing top players.
Are players on multi-year contracts like in the states? Or are they one year deals over there?
They are typically on multi-year contracts. It is the same concept.