By Andrea Caropreso
Index
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Over the years, we have told the story of the Atalanta fairy tale. A managerial model that has allowed the club to achieve important results on the pitch without neglecting a fundamental aspect: its financial balance. For nine consecutive years, “La Dea” has closed its accounts with a profit, and it is on track to do the same in 2025. The Percassi family, along with the entry of new partner Stephen Pagliuca, have delivered solid numbers, making Atalanta a true European heavyweight.
The 2024 Figures
The closing of the 2024 financial statement had already shown the unmistakable signs of Atalanta being one of the few fully healthy Italian clubs. Net profit stood at €9.8 million, while revenues grew from €193 million in 2023 to €242 million in 2024. This small but great masterpiece of financial management was made possible by factors such as capital gains, broadcasting rights, renewed sponsorship deals, and income from European competitions in which Atalanta consistently performed well.
Revenue Item (2023/24) – Amount (€m):
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Broadcasting rights: 101.8
– Serie A: 60.6
– UEFA (Europa League): 35.9 -
Matchday (stadium): 17.1
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Sponsorship and commercial: 26.3
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Transfer capital gains: 70.9
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Other revenues: 14.2
Total: 242.1
Among these numbers, capital gains stand out in particular. Between 2019 and 2024, Atalanta earned €521 million from player sales, against €370 million spent on acquisitions. The positive balance of €152 million confirms the efficiency of the model. And these capital gains are not only the result of academy products (such as Ruggeri). Over the years, Atalanta has also mastered the art of spotting unpolished gems, developing them, and selling them to the highest bidder.
On the cost side, total expenses rose to €226.8 million, compared to €187.4 million the previous year. The largest item was personnel costs, which reached €115.2 million, up due to wages and bonuses linked to sporting success. Depreciation and amortization accounted for €52.4 million, while service costs were €35.2 million. Equity nearly reached €200 million.
2025 Forecasts
The first half of the 2024/25 season continued this trend. Between July and December, revenues reached €216.7 million, compared to €130.9 million in the first half of 2023/24, with a net profit of €65.4 million. In other words, in just six months, the club generated almost as much revenue as the entire previous year.
Item (1st half 2024/25) – Amount (€m):
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Broadcasting rights: 95.6
– Serie A: 30.5
– UEFA (Champions League + Super Cup): 63.8 -
Matchday (stadium): 7.4
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Sponsorship and commercial: 17.6
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Capital gains and rights: 92.5 (85.9 from capital gains)
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Other revenues: 3.5
Total: 216.7
Net profit: 65.4
As a result, the financial statement closed on June 30 is expected to show the tenth consecutive profit, potentially with higher numbers than 2024. The club’s participation in the new Champions League, reaching the playoff stage last season, was decisive. From the top European competition alone, Atalanta earned €63.8 million between UEFA prizes and market pool.
The comparison with the first quarter is even more striking: between July and September, Atalanta had already recorded €158.8 million in revenues and €67.2 million in net profit. If maintained, this pace would project the club toward the best financial year in its history, with profits possibly exceeding €100 million.
A Model to Learn From
Several factors have made these exceptional results possible. On one side, the Percassi family’s ability to manage Atalanta like a business, keeping costs under control while maximizing revenues. On the other, vision, planning, foresight, and the wisdom of bringing in new partners like Italian-American Stephen Pagliuca. He injected fresh capital while remaining in the background, leaving the Percassi family with a significant stake.
No one knows the territory better than they do, and from such details, you recognize a winning model. Much credit also goes to former coach Gasperini, who nurtured young talents, some from the academy, and turned them into financial assets forming the foundation of the club’s growth.
Atalanta also rebuilt its stadium—one of the few modern ones in Italy—and purchased new land to expand its training facilities with additional pitches. These infrastructures can host young talents, help them grow, and launch them into top-level football without fear—perfectly aligned with the club’s philosophy and, arguably, in contrast with the rest of Italian football.
By Andrea Caropreso
