By Andrea Caropreso
Index
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When it comes to De Laurentiis’s Napoli, the strength and solidity of the balance sheet with which the owner has built a competitive and sustainable team has often been highlighted. However, in an era where revenues from European competitions are crucial, it is inevitable that the financial results change accordingly. Napoli has gone, in just one year, from a record financial statement to a decidedly different outlook. The 2024 balance sheet was still boosted by the last Champions League participation and the aftermath of Spalletti’s Scudetto, while the 2025 one is estimated to decline.
2024: The Balance of Solidity
The financial year ending with the 2023/24 season was almost a record under De Laurentiis’s management. The emblem of this positive result was the €63 million profit with which the club closed its accounts. This result came from several sources, including merchandising from Champions League matches, as well as sponsorship and ticket revenues generated thanks to the top European competition.
Main financial data 2023/24
| Item | Amount (€m) |
|---|---|
| Total revenue | 328.2 |
| Net profit | 63.0 |
| TV rights | 142.2 |
| Matchday (stadium) | 27.4 |
| Commercial revenues | 70.2 |
| Capital gains (sales) | 70.7 |
| Total costs | 244.4 |
| Personnel costs | 116.4 |
| Amortizations | 75.4 |
| Net equity | 211.6 |
| Cash | 210.5 |
The largest contributions came from TV rights (over €140m) and player sales (just over €70m). These numbers consolidated a net equity above €210m and strong liquidity—a powerful sign of stability, also reinforcing the club’s international image.
Estimates for 2025
If 2024 was extraordinary on all fronts, the same cannot be said about the financial year closing June 30, 2025. The absence from European competitions significantly reduced revenue flows, especially from TV rights and matchdays. At the same time, squad maintenance costs remained high, and poor sporting results indirectly weighed on commercial and sponsorship revenues.
According to early estimates, the June 30, 2025 balance sheet should show a deficit between -€55m and -€75m. This figure will depend heavily on player sales recorded last season. The sale of Kvaratskhelia, for instance, gave a positive boost to soften the losses.
| Item | Estimated (€m) |
|---|---|
| Total revenue | 200–230 |
| Net profit/loss | -55/-75 |
| TV rights | 80 |
| Matchday | 18 |
| Commercial revenues | 60 |
| Capital gains | 65–68 |
| Total costs | 260 |
| Net equity | decreasing |
| Cash | decreasing |
The Absence from European Cups
For the first time in over 10 years of constant UEFA participation, Napoli went without any European matches last season. This was decisive since even financially healthy clubs like Napoli now rely on European competitions (especially the Champions League) to keep their accounts sustainable.
For example, in 2024, Champions League participation alone guaranteed about €70m between UEFA prizes and market pool. In 2025, this entry disappeared entirely, directly impacting finances.
Napoli has thus experienced in 12 months the transition from exemplary management with record profits to a financially much tougher season. Another negative factor is the lack of stadium ownership, which in such cases could have helped boost revenues.
The Stadium Issue
In the future, Napoli’s home might not remain the Maradona. Talks with city officials are ongoing about renovating the historic stadium, initially estimated at around €100m. However, over the summer, the idea of building a brand-new stadium elsewhere has also been discussed. This move would certainly cost more than the €100m for renovation, but it could place Napoli on par with Europe’s top clubs.
From this perspective, matchday revenues could even double, given the huge attendance the club enjoys. This is no small matter in a phase of consolidation both in terms of sporting and financial success.
For its part, the city administration reiterated its willingness to cover the full cost of renovating the Maradona, seeking both public and possibly private funding to give Naples a modern stadium. Last May, De Laurentiis and city leaders already held a first meeting. Meanwhile, ADL continues to personally evaluate every option to leave no stone unturned.
By Andrea Caropreso
