Serie A is growing in scale but remains far from breaking even. For the 2024-2025 season, the 20 clubs in Italy's top league reported a net loss of 348,8 million euro. This deficit, while down 5,7% year-on-year, comes from data by Intelligence 2P, the market strategy and analysis unit of 2Playbook. Since the Covid-19 pandemic, the league's total losses have approached 4 billion euro (4,75 billion USD).

Lautaro Martinez (number 10) celebrates a goal in Inter's 2-2 draw against Bayern in the Champions League quarter-final second leg on 16/4/2025. *AFP*

Only 7 clubs, 35% of participants, ended the season with a positive financial result, unchanged from the 2023-2024 season. This group includes major clubs like Inter Milan, alongside smaller teams such as Lecce. The total profit for these 7 clubs reached 123,8 million euro.

The remaining 13 teams faced losses. Among them, 7 clubs recorded deficits exceeding 30 million euro, and 10 teams reported losses over 10 million euro. Newcomers Como 1907 and Parma Calcio led the deficit list, each with losses of approximately 100 million euro. These four clubs, along with Juventus and AS Roma, accounted for 80% of Serie A's total losses in the 2024-2025 season.

The cost of promotion to Serie A is increasingly expensive. The difficulty in creating sustainable business models in Serie B means many clubs face immediate losses upon promotion. Venezia, the other promoted team, was no exception, experiencing both relegation and a financial deficit. The total losses for the three promoted teams, Como, Parma, and Venezia, amounted to 204,8 million euro.

The total revenue for the 20 Serie A clubs reached 2,7 billion euro. On average, each team generated over 139 million euro, a 2% increase from the previous season. However, only three clubs – Inter, AC Milan, and Juventus – exceeded 300 million euro in recurring revenue.

Other prominent teams like AS Roma, Napoli, and Atalanta only achieved around 200 million euro, lower than some mid-table La Liga clubs such as Real Betis. Notably, Napoli won Serie A despite having 29% lower financial resources than the leading group, primarily due to not participating in European competitions. This highlights the increasing impact of UEFA, especially the Champions League, on the budgets of Italian clubs.

Luka Modric during AC Milan's 1-2 loss to Cremonese in Serie A on 23/8/2025. *Lega Serie A*

Television rights remain the primary revenue source, accounting for 55% of recurring revenue. Matchday revenue increased significantly, from 10% to 15%, due to improved stadium attendance. However, this remains a weakness for Italian football compared to other top European leagues.

The government of Italy expects to improve this area through investment projects linked to Euro 2032. Meanwhile, commercial revenue remained almost flat, averaging 40,5 million euro per club. Inter and AC Milan, however, maintained strong growth from sponsorships and advertising, increasing by over 20 million euro each year.

Transfer activity continues to be a major differentiating factor. Napoli and Atalanta were the two most profitable clubs from player sales, each earning over 100 million euro in profit.

Most stadiums in Italy are dilapidated and commercially underutilized. This is seen as a significant area for future growth. Inter and AC Milan have reached an agreement to acquire San Siro, investing 200 million euro to renovate the stadium and its surrounding area. In Naples, President Aurelio De Laurentiis proposed building a new stadium worth 300 million euro, while the city government prefers renovating the Diego Armando Maradona stadium at a lower cost.

Delays in infrastructure upgrades have led UEFA to express concerns about Italy's ability to host Euro 2032. San Siro even lost the right to host the Champions League 2027 final. Currently, 9 Serie A clubs (45%) are owned by US investors, a group particularly interested in stadium factors.

Kevin De Bruyne (left) converses with Antonio Conte during a Napoli match. *NurPhoto*

Serie A clubs' spending on wages and squads ranged from 42 million to 345 million euro per club in the 2024-2025 season. This is a crucial issue for the league's future, as the persistent imbalance between income and expenditure forces teams to significantly cut wage bills to comply with UEFA's financial regulations, which stipulate that total spending on players and coaching staff must not exceed 70% of revenue.

However, Serie A currently lacks a league-level expenditure control mechanism, while total personnel costs increased by approximately 100 million euro for the second consecutive season. Notably, eight clubs allocated over 80% of their total revenue to wages and squad costs.

Among the eight Italian clubs participating in European competitions, half still incurred losses, including Juventus, Roma, Fiorentina, and Lazio, with total deficits of 152,4 million euro, accounting for 44% of the league's total deficit. Conversely, AC Milan, Bologna, Inter, and Atalanta were profitable due to strong revenue growth from the new Champions League format, with total profits of 90,2 million euro.

Exchange rate: 1 euro equals 1,18 USD.

Hong Duy (according to Marca)