By Andrea Caropreso
Index
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In the European football landscape, Atalanta and Atlético Madrid represent two very different models, yet they share one key trait: the ability to become great without having the legacy of the giants. On one side, “La Dea” has built its recent success on planning, vision, and youth development. On the other, Atlético has had to compete with two powerhouses like Barcelona and Real Madrid, pursuing a strategy of revenue growth to afford big-money transfers — such as João Félix’s €126 million move in 2019.
Atalanta’s financial report
The 2024 financial year clearly confirmed Atalanta’s healthy condition, making it one of the very few Italian clubs capable of combining financial solidity with sporting competitiveness. The season ended with a net profit of €9.8 million, supported by rising revenue that grew from €193 million in 2023 to €242 million in 2024 — a steady and structural increase.
This success was no coincidence. It resulted from a forward-looking management strategy: targeted player sales generating capital gains, increasing TV rights revenue, and renewed sponsorships that provided a solid economic base. Added to this were the earnings from European competitions, where the Bergamo club has established its international reputation — turning its accounts into a model of sound management.
| Revenue item (2023/24) | Amount (€M) |
|---|---|
| TV rights | 101.8 |
| Serie A | 60.6 |
| UEFA (Europa League) | 35.9 |
| Matchday (stadium) | 17.1 |
| Sponsorship & commercial | 26.3 |
| Player trading (capital gains) | 70.9 |
| Other revenues | 14.2 |
| Total | 242.1 |
Among these figures, capital gains stand out. Between 2019 and 2024, Atalanta earned €521 million from player sales against about €370 million spent on acquisitions. The resulting €152 million surplus highlights the efficiency of a model that allows the club to maintain balanced accounts while staying competitive in Italy and Europe.
The Atalanta model
At the heart of Atalanta’s success is the Percassi family, who have managed the club like a modern business — applying efficiency, cost control, and diversified revenue streams.
Complementing this managerial approach is long-term planning and investment. The entry of minority shareholder Stephen Pagliuca, the Italian-American businessman and co-owner of the Boston Celtics, marked a key step in this evolution. Pagliuca brought in capital and international expertise without disrupting internal stability, maintaining the Percassi family’s strategic leadership — a sign of continuity that has allowed growth while keeping strong local roots.
Another cornerstone of this rise has been Gian Piero Gasperini, the coach who best embodies the club’s philosophy. Through his work, young prospects — often from the academy or smart scouting — have been transformed into top-level players and valuable assets for the club.
Off the pitch, Atalanta has also grown through infrastructure investment. The renovation of the New Balance Stadium — now among the most modern in Italy — and the expansion of the Zingonia training center with new pitches and youth facilities highlight the club’s long-term vision to develop homegrown talent and sustain its virtuous cycle.
Atlético Madrid’s financial report
By contrast, Atlético Madrid’s size and ambitions require an entirely different approach to remain competitive. As one of Europe’s top ten clubs, Atlético generates enough revenue to justify major spending on transfers each season.
| Financial item | Amount (€M) | Notes |
|---|---|---|
| Total revenue | 409.5 | Up from €393M in 2022/23; boosted by TV rights and new sponsorships. |
| TV rights | 180 | Main income source; growth linked to Champions League and La Liga. |
| Commercial / sponsorship | 142 | Includes global partnerships such as the stadium naming rights deal. |
| Matchday (stadium) | 65 | Consistent rise thanks to the Metropolitano and non-sporting events. |
| Player trading (sales) | 22 | Moderate activity; focus on squad stability. |
| Personnel costs | 260 | Slight increase; over 60% of total revenue. |
| Operating & amortization costs | 135 | Stadium maintenance and player amortizations. |
| Operating result | +14.5 | Positive but limited margin. |
| Financial charges & taxes | –13.5 | Due to structural club debt. |
| Net result | +1.0 | Marginal but stable pre-tax profit. |
| Net financial debt | ~540 | High but under control; refinanced via funds and sponsors. |
Two main figures stand out: total revenue and costs. Atlético generated over €400 million in revenue — almost double Atalanta’s — confirming its place among Europe’s elite. Key drivers include major sponsorships (like Riyadh Air, which secured the stadium naming rights) and far greater TV and matchday income than nearly all Italian clubs, Atalanta included.
However, this strategy also brings enormous costs. Player amortization and high transfer fees — sometimes without the expected sporting return — weigh heavily on the balance sheet (as seen with João Félix). Thus, while Atalanta shows that much can be achieved with limited means, Atlético embodies the opposite model: bigger, more exposed, with greater investment capacity but less room for error.
By Andrea Caropreso
