By Andrea Caropreso
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In recent years, Hellas Verona has been able to radically change its squad while maintaining a high level of competitiveness to achieve the goal of survival. This ability to renew itself is largely due to the intuition of sporting director Sogliano and makes Verona a unique case in Italian football. A philosophy that has continued from the Maurizio Setti era to that of the new American management of Presidio Investors, which took over in 2025. A challenge that has become almost necessary in order to keep an eye on the club’s financial balance.
The 2024 financial report
The most recent snapshot of Verona’s accounts did not suggest that the club was in excellent financial health. In fact, operating revenues in 2024 stopped at around €69.9 million, an amount insufficient to cover the total costs, which exceeded €102 million. However, once again, capital gains came to the rescue. This mechanism, by now well known even to those less familiar with football finance, allows clubs to adjust their books by selling their most valuable players.
Financial report 2023/24 – Value (€ mln):
Operating revenues: 69.9
Total costs: 102.2
Capital gains: 44.6
Net profit: +3.9
Net equity: –2.3
Net financial debt: 46.7
As shown in the table, the capital gains recorded in 2024 exceeded €40 million. These numbers portray a club in a fragile balance, surviving mainly thanks to the transfer market. And while it is true that the net profit closed positive at €3.9 million, the negative equity and significant financial debt confirmed Verona’s structural difficulties.
Estimates for 2025
From one season to the next, however, everything has changed—most importantly, the ownership. The new American investors have brought fresh capital, even though the task ahead for the new management is not among the easiest. Verona will first have to prove it can reduce its reliance on capital gains and consolidate its revenues. Estimates in this respect are expected to range between €75 and €85 million, driven by TV rights, commercial revenue, and improved matchday income. Additionally, the club must show it has laid down a solid foundation on which to build a well-structured future, aiming for a stable positive balance between revenues and costs.
Estimated 2025 financial report – Expected range (€ mln):
Operating revenues: 75 – 85
Capital gains: 30 – 50
Total revenues: 110 – 130
Total costs: 100 – 115
Net result: –10 / +5
Net equity: toward balance
It is reasonable to believe that Verona’s financial report closed on June 30 of this year may show improvements compared to 2024. The expected estimates suggest either a limited loss or, in the best-case scenario, a profit—evidence of the continued effectiveness of the transfer market strategy. Verona’s business model is essentially this: sign pragmatic, ambitious, and especially young and hungry players, then resell them for profit.
Who are the new owners
Since mid-January 2025, Verona has had a new ownership structure. The club was acquired 100% by the American fund Presidio Investors, further expanding the presence of U.S. investors in Italian football. The deal was valued between €120 and €130 million, a figure that also includes the debt accumulated during Setti’s presidency.
At the same time, Italo Zanzi was appointed as the club’s executive president. Throughout his career, he has already held key roles in the sports industry, including serving as CEO of AS Roma until 2016. With the change in ownership, it is inevitable that the club’s strategic vision will also evolve. As is well known, the American approach is more management-oriented, treating sports clubs almost as traditional companies.
Therefore, one can expect not only the necessary investments to stabilize the club’s finances but also the development of its sports infrastructure, the expansion of its commercial capacity, and the strengthening of its international reach. All of this, however, without—at least for now—straying from the traditions of the territory and the club. Maurizio Setti still remains within the Verona organization so that his presence can provide guidance toward the best strategies for the benefit of Hellas Verona.
By Andrea Caropreso
