By Andrea Caropreso
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In modern football, economic sustainability is a necessary condition for survival and, in some cases, for excellence. Clubs no longer operate as mere sports entities but as businesses that must deal with market dynamics and, above all, the need to balance results with budgets. In this context, financial management has become a real industrial strategy—sometimes successful, sometimes not.
The Napoli Model
Napoli is an interesting example of balancing strict financial management with sporting competitiveness. In recent years, while many European clubs have pursued growth through debt and financial leverage, the Neapolitan club chose a different path—one based on cost control, asset development, and strict wage bill management. Efficiency has been achieved through strong scouting activity aimed at generating capital gains, careful sponsor selection aligned with the Napoli brand, and sound infrastructure management.
In parallel, Napoli developed a business model focused on leveraging human capital not just as a sporting asset but also as an economic driver. The growth of players like Osimhen, then Kvaratskhelia, and more recently Buongiorno and McTominay—who blossomed under good coaching and could be sold for substantial profits—fits into a sustainable trading model, where sporting success drives self-financing.
However, this is not merely a model based on capital gains, like those scrutinized by prosecutors in both the Osimhen and Juventus cases. Napoli’s approach reflects an organization aiming to maintain consistent competitiveness while navigating natural team cycles without forced decisions.
Other Clubs in Europe
The European landscape is far from homogeneous. Alongside the sustainable models of Napoli and, for example, Bayern Munich, there are radically different approaches. In England, a speculative model has emerged, powered by external capital—especially from investment funds or even sovereign states (as with Qatar)—that has disrupted traditional balance.
Here, the goal is to build a global brand, even at the cost of structural annual losses. Consider Manchester United, a club with massive spending habits, which in 2022 hit a net debt peak of €1.4 billion.
There are also clubs using football as a tool for broader industrial strategies. Red Bull has created a network of clubs to spread its brand through sporting performance, while the City Football Group manages teams across continents with a multinational corporation mindset (examples include Girona and Palermo, now part of the City Group).
The Situation in Italy
Aside from exceptions like Napoli—and arguably Atalanta—some Italian clubs such as Fiorentina strive to combine economic sustainability with European ambition through a balanced technical-financial approach. Others still struggle to find this balance, plagued by constant ownership changes (as seen with Milan and Inter) or excessive reliance on external capital (like Juventus, heavily dependent on Exor funding). These struggling clubs often emphasize centralized TV rights sales and infrastructure upgrades in an attempt to modernize Italy’s traditional football business model.
The real challenge isn’t choosing the “right model,” but rather reconciling sporting competitiveness with financial sustainability—understanding where football is headed in 2025 and being aware of the gap between Italy and models like the Premier League or Bayern Munich. Napoli shows that it’s possible to succeed without financial excess. But vision is essential.ù
By Andrea Caropreso
