By Andrea Caropreso
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The most recent financial statements of Cagliari under Giulini have shown negative results. The club has closed four consecutive years with losses, although a gradual improvement compared to the Covid period has already been noticed. The policy of cost containment, the development of the youth sector, and the growing focus on capital gains from the transfer market have represented the first key through which the club is trying to restore balance to its accounts.
The 2024 financial statement
The latest official financial report, closed on June 30, 2024, recorded a loss of €3.6 million. A negative result, but in line with estimates and, above all, consistent with the trend of previous years. For example, 2023 ended with a €2.3 million deficit, while 2022 showed even heavier losses.
| Fiscal year | Net result |
|---|---|
| 2022 | -€8.1 mln |
| 2023 | -€2.3 mln |
| 2024 | -€3.6 mln |
| 2025 (est.) | -€3 / -6 mln |
The gradual change in the club’s policy implemented by Cagliari, with a consequent revision of the cost/revenue ratio, is bearing fruit. The deficit compared to 2022 has halved, and the containment measures are producing a stabilizing effect, although not yet a decisive one.
Forecasts for 2025
Cagliari’s revenue structure, however, remains heavily dependent on television rights, which cover around 65–70% of total income. This is an issue that affects not only the Sardinian club but most Serie A teams. In 2024, the club recorded ordinary revenues estimated at around €55–60 million, a figure that should rise slightly this year thanks to renewed sponsorships and the consolidated effect of Serie A.
Cagliari 2025 financial forecast
| 2025 Budget Item (est.) | Value |
|---|---|
| TV rights revenue | €40–45 mln |
| Sponsorship & commercial | €10–12 mln |
| Stadium & merchandising | €3–5 mln |
| Player trading profits | €10–15 mln |
| Total estimated revenue | €60–75 mln |
| Total operating costs | €65–80 mln |
| Estimated net result | -€3 / -€6 mln |
On the expense side, the wage bill continues to represent the heaviest item, accounting for more than 50% of total costs. Over the years, the club has tried to address this issue by betting on promising players or established ones looking for redemption, such as the recent return of Andrea Belotti. Given this framework, as also shown in the table, Cagliari’s financial statement for the year ended June 30 is expected to close with another loss, but with the awareness that the overall situation is improving.
The new stadium project
A clear turnaround could become possible in the near future. After years of bureaucracy and delays, Cagliari’s new stadium is finally set to take shape. The Sardinia Region has allocated a public contribution of €50 million for the construction of the new facility, which could relaunch the club’s ambitions also on a purely sporting level. Moreover, it could allow the city to be selected among those hosting Euro 2032.
In addition, a new stadium owned by the club could potentially double revenues, as already happened proportionally for other Italian clubs like Juventus and Udinese. Early estimates suggest an extra €10–12 million per year could be generated through additional services, hospitality areas, extra-sporting events, and a more modern use of infrastructure. If this trajectory and programmatic plan continue in this direction, then Cagliari’s future could be brighter than ever.
By Andrea Caropreso
