By Andrea Caropreso
Index
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In the Italian football landscape, Udinese represents a model capable of discovering talents and selling them for a premium. This has been the trademark of the Pozzo family’s management, which brought the Friulian club to a Champions League playoff — later lost on penalties during Guidolin’s era. Those were the days of Sánchez and Di Natale, but above all, the years in which Udinese, without spending crazy sums, managed to remain competitive both in Italy and in Europe.
The 2024 Financial Statement
To understand the present, we must start from the already official figures. In 2023/24, Udinese’s production value was around €120 million, down from €126 million the previous year. A contained but significant regression, mainly due to the reduction in player trading profits and a sporting performance no longer at the top level. After all, not every year can you cash in on the likes of Sánchez or De Paul.
| Item | 2022/23 | 2023/24 | Variation |
|---|---|---|---|
| Total revenues / production value | ~ €126m | ~ €120m | Slight decrease (~5–6%) |
| Net loss | − €3.6m | − €11m | Significant worsening (fewer transfer profits) |
| Operating profitability | + €54m | + €50m | Slight decline |
| Squad market value | ~ €185m | ~ €139m | Clear downsizing due to sales/lower market valuations |
Despite the fact that most revenue items remained broadly similar across 2023 and 2024, the net result in 2024 fell into deeper negative territory, with a loss of €11m compared to −€3.6m the previous year. A clear example that without major sales or higher income, even a well-oiled machine like Udinese struggles to break even in today’s football.
Forecasts for 2025
The financial statement closed on June 30, 2025, should see Udinese’s accounts improve compared to the recent past. In other words, turnover is expected to increase to between €125–135 million. If confirmed by the official numbers to be published in the coming weeks, this would be due to multiple factors.
Among them: broadcasting rights, which should generate about €35 million, plus matchday revenues, which have consistently reached strong levels in recent years thanks to the renovated Bluenergy Stadium, bringing in around €10–12 million annually.
| Item | 2023/24 | 2024/25 forecast | Notes |
|---|---|---|---|
| Production value | €120m | €125–135m | Slight growth from TV + stadium |
| Player trading | ~€37m | €30–45m | Key variable |
| Operating profitability | €50m | €15–25m | Stable |
| Net result | − €11m | − €5m / break-even | Possible return to balance |
| Net equity | €112m | €110–120m | Stable |
| Stadium/hospitality revenues | €10m | €10–12m | Confirmed strong contribution |
Total costs — staff plus amortizations — are expected between €45–55 million, maintaining a sober financial management. Translated into net result: Udinese could close 2025 at break-even or with a modest loss.
The Importance of the Bluenergy Stadium
The Bluenergy Stadium is today one of Udinese’s most important assets. The facility, completely renovated with investments exceeding €60 million (largely financed by the Pozzo family), is owned by the club — a rarity in Italian football. For a mid-sized club, an owned stadium (with annual revenues of at least €10m) represents a fundamental operating income stream.
To this must be added the sponsorship factor. Having a modern stadium means attracting investors willing to spend for visibility. For instance, the partnership with the Friulian energy company Bluenergy, which acquired naming rights in 2020, guarantees Udinese around €3m per season — among the highest in Italy for stadium-related sponsorships (considering the size of the club).
Once again, this proves how infrastructure investments are vital to keeping up with European standards — in a country, Italy, that remains years behind.
