Things get no better for Alex McLeish at St Andrew's. He lost his last game there as manager of Birmingham City 21 months ago in the Premier League. On Saturday, as manager of Nottingham Forest in the Championship, he lost again, 2-1.

Between times City were relegated, Forest got rid of four managers and McLeish had a year at Aston Villa, whom he took to 16th in the Premier League after four successive top-half finishes. If he had got them relegated too, he might have had a hero's welcome. As it was, City fans, a third fewer than in his last season, jeered his walk to the dug-out, chanted "Dirty Villa bastard" and sent him packing with "Judas, what's the score?" And the Culture, Media and Sport select committee, condemning the governance of the game, wants supporters to have a greater say.

In other respects the committee has a point. At least fans care, even if memories can be short; three months before City went down McLeish guided them to League Cup victory, their first major prize in 48 years. And this battle of once higher-flying clubs illustrated the effect of what the committee called "football's overheated finances". Outside the Premier League's self-interest those finances are just as likely to be deep-frozen.

Birmingham are owned by a holding company in Hong Kong whose president, Carson Yeung, awaits trial on charges of money laundering. Last year failure to produce accounts led to a transfer embargo. Last month the talk was of a fire sale, though McLeish's lot had mostly gone. In the event City got through the window with £3.5m from Stoke for Jack Butland, who will see out the season in goal at St Andrew's. The sum should enable the club to do the same. For most of the first half the remainder looked pretty charred.

Forest have not been in the top tier this century. Today it is a year since the death of Nigel Doughty, owner and funder to the tune of some £100m. In July they were bought by the Al-Hawasi family from Kuwait, comparatively local, who swiftly engaged Sean O'Driscoll as manager. After a 4-2 Boxing Day defeat of Leeds that put Forest eighth, a point off the play-off zone, he was sacked. Four defeats, two draws and a win later they are six points away.

McLeish was promised funds for the January sales. Beyond Darius Henderson from Millwall this turned out, too late, to mean loans. Fortunately that window reopens on Thursday. Failure to land George Boyd from Peterborough on deadline day, when a medical revealed an eye defect, led to talk of instant resignation. But beyond the instant he "wanted to face the City fans. There was no chance I was going to sneak into the dug-out," McLeish said. And later he held the line, "There's no problem with communication with the owners." But, asked about his future, he said: "I can't say anything," after which his lips were tighter than Forest's defence. There may be a space to watch.

McLeish castigated that defence for "slackness, very unprofessional, not taking care of the ball when we were in good possession". To add irony to irritation, the man who took advantage was Chris Burke, top of McLeish's wanted list and, in his mind's eye, crossing from the right for Billy Sharp as Andy Reid did from the left or midfield. Forest would not go above £500,000, a sum which his performance and Scotland's call-up defined as derisory. His goals, in first-half injury time and the 80th minute, doubled his season's tally before Sharp's token penalty reply.

Lee Clark, City's manager, said Forest's valuation of Burke "was not close to mine" and Stoke's fee for Butland "not a third of it". Here the keeper stood tall and strong and stooped like a falcon. At the end both managers, for different reasons, seemed glad the match was behind them. Through its helter-skelter course the ads rolled up on the perimeter – "Entertainment and Leisure", "Styling the Elite", "Pawnbroking Payday Loans", "Online Underwriters" (or was it undertakers?), all interspersed with bookmakers – reflecting the state of football and the nation. Next Saturday, in this theatre of the absurd, McLeish is due at Bristol City, managed by O'Driscoll. Tellingly perhaps he said: "It's up to the players to give themselves a shake."