By Andrea Caropreso
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From Florence to Birmingham. Fiorentina and Aston Villa are the perfect expression of two different ways of pursuing the same goal: growth while maintaining balance between performance and finances. Rocco Commisso’s Viola have chosen the path of sustainability — based on sound accounting, targeted capital gains, and a sporting project focused on improving infrastructure. Aston Villa, on the other hand, benefit from the Premier League model, where revenues soar but costs can be extremely high.
Fiorentina’s Financial Report
Fiorentina are finally reaping the rewards of a management approach based on balance and sustainability. The financial statement closed on 30 June 2024 depicts a recovering club: losses reduced to €5.9 million, compared with €19.5 million two seasons earlier. A clear improvement resulting from cost rationalization and revenue enhancement.
Overall turnover rose from €159.6 million to €199.9 million, supported by higher operating revenues (from €147.6 million to €157.3 million) and several extraordinary items that helped stabilize the accounts. Crucial were broadcasting rights, which reached €61.5 million, and player trading profits, up from €7.7 million to €26 million in just one year thanks to careful transfer operations.
| Item | 2022/23 (€ mln) | 2023/24 (€ mln) |
|---|---|---|
| Total revenues | 159.6 | 199.9 |
| Net losses | –19.5 | –5.9 |
| TV rights revenues | n/a | 61.5 |
| Capital gains | 7.7 | 26.0 |
| Sponsorship revenues | ~21.0 | 25.0 |
| Total commercial turnover | ~41.5 | 50.2 |
On the commercial front, the partnership with Mediacom continues to represent a key pillar of stability. The agreement with the U.S. group founded by Rocco Commisso, worth around €25 million per season, places Fiorentina among the top Italian clubs for shirt sponsorship value. It also symbolizes an ownership that, while prudent, continues to invest consistently — both on and off the pitch.
The Viola Park project and the Franchi Stadium renovation are part of a broader strategy aimed at making the club more competitive in terms of infrastructure and sustainability. These two initiatives strengthen Fiorentina’s assets and long-term outlook, with the goal of achieving operational breakeven by 2026.
Aston Villa’s Financial Report
Aston Villa closed the 2023/24 fiscal year with total revenues rising sharply to around €325.3 million, driven by sporting growth in the Premier League, broader European participation, and a significant increase in commercial and matchday revenues. The club also improved its net result, reducing its post-tax loss to about €100.7 million.
Despite this progress, losses remain high, forcing the club to rely on player trading to balance the books and comply with Football Association spending rules. This was the rationale behind the 2024 summer deals that saw Douglas Luiz join Juventus, with Iling-Junior and Barrenechea moving in the opposite direction on loan.
| Item | Value | Notes |
|---|---|---|
| Total revenues (“turnover”) | €325.3 million | Approx. +26% vs previous year |
| Net loss after tax | €100.7 million | Improvement from £119.6 million previous season |
| Matchday revenues | €31 million | Up ~49% year-on-year |
| Commercial & sponsorship revenues | ~€70 million | Significant year-on-year growth |
| Staff costs (before player sales) | ~€360 million | Personnel costs exceed 100% of revenues — a risk indicator |
| Player trading profits | ~€75 million | Major contribution to reducing net loss |
A defining element of this financial year was the impact of player sales, which generated over €70 million and helped contain losses. However, reliance on such transactions is risky, as it can make clubs dependent on selling key players rather than fostering organic business growth.
Strategically, Aston Villa must both consolidate revenue growth — for instance through consistent European qualification — and curb operational costs, especially wages and player amortization.
Under UEFA Scrutiny
Unlike the Premier League, which imposes sporting sanctions on clubs breaching financial limits (as seen with Nottingham Forest’s four-point deduction in May 2024), UEFA takes a more diplomatic approach, first placing clubs under review and then negotiating compliance plans.
This is the case with Aston Villa, found guilty of exceeding UEFA’s cost-to-revenue ratio in the 2023/24 season. The club received an immediate fine of £9.5 million and committed to stricter financial parameters in future accounts. The agreement also includes a potential additional penalty of £12.9 million, which would be automatically triggered if the club fails to comply within the next three years.
This confirms that, despite clear sporting and commercial progress, Aston Villa are still striving for sustainable balance. Hence, at Villa Park, a dual challenge has been launched: to remain competitive without neglecting financial discipline — proof that even Premier League clubs can face financial turbulence.
By Andrea Caropreso
