By Andrea Caropreso
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The turbulent past few years for Juventus have also led to a slowdown in the club’s revenue growth. This negative result stems from the post-pandemic context and the excessive costs accumulated over recent seasons. In fact, Juve has struggled to achieve sporting results worthy of its history — as shown by its fourth-place finish in the latest Serie A season. Interestingly, this is the same position achieved by Athletic Bilbao in La Liga, a club that has followed a very different management strategy for decades, based on the development of young Basque players.
Juventus’ Financial Report
The most recent financial year published was 2025, closed on June 30. In this context, Juventus is beginning to reap the first rewards of an austerity strategy launched in 2021 aimed at cutting costs and optimizing revenues. In recent years, the Elkann family’s club had posted heavy losses, but these have gradually started to shrink. The latest report showed a loss of €58.1 million, a significant improvement compared to the €199 million deficit recorded the previous year.
Total revenue rose to €529.6 million, driven by a return to the Champions League and increased broadcasting, commercial, and matchday income. During the first half of the year, the club even reported a net profit of €16.9 million, a clear sign of recovery after tough seasons both on and off the pitch.
On the balance sheet side, net financial debt rose from €242.8 million to €302.3 million as of December 31, 2024, but shareholders’ equity increased from €40.2 million to €57.1 million, indicating that the club’s finances are gradually stabilizing. The stated goal of the management, supported by Exor, is to eliminate the structural deficit within the next two seasons through cost control, sporting revival, and greater capitalization of Champions League and marketing revenues.
Athletic Bilbao’s Financial Report
In contrast, Athletic Bilbao stands out as a model of prudent and sustainable management. The Basque club closed the last fiscal year with a net profit of €6.98 million, operating revenues of €172.5 million, and equity of €112.8 million, confirming its solid and virtuous financial standing. The lack of significant debt and a disciplined wage policy have allowed the club to look to the future with stability, focusing on regional identity and youth development.
| Financial metric | Juventus | Athletic Bilbao |
|---|---|---|
| Total revenue | €529.6 million | €172.5 million |
| Net result | –€58.1 million | +€6.98 million |
| Broadcasting & competition revenue | €205 million | €65 million |
| Commercial & sponsorship revenue | €185 million | €58 million |
| Matchday revenue | €45 million | €32 million |
| Net financial debt | €302.3 million | Almost none |
| Shareholders’ equity | €57.1 million | €112.8 million |
| H1 2024 profit/loss | +€16.9 million | +€3.5 million |
As the table shows, Juventus and Athletic Bilbao are clubs of very different scales. The Spanish side generates less than half of Juve’s revenue but manages to consistently post profits without relying on financial debt. On the other hand, the promotion of local talent is the cornerstone of Athletic’s model — a club built around Basque players developed in-house and, whenever possible, retained for their entire careers.
A Brief History of Athletic Bilbao
Athletic Bilbao’s decision to field only Basque players didn’t stem from a romantic ideal but from historical and practical reasons. The club was founded in the late 19th century by English sailors and workers active in the Bay of Biscay, inheriting the British football culture — its name still reflects this origin. After disputes during the 1911 Copa del Rey over the use of unregistered foreign players, Athletic decided in 1912 to adopt a clear policy: only Basque players would play for the club, to avoid accusations of irregularity.
Over time, the rule has been partially adapted, allowing players born outside the Basque Country but developed in its football system — such as Aymeric Laporte, a Frenchman of Basque descent trained at the club. Today, around 80% of the squad comes from Lezama, Athletic’s famous youth academy, the heart of its identity. This reflects a unique philosophy in world football, based on belonging, training, and cultural roots.
This choice has a direct impact on transfer policy: Athletic often ends transfer windows with a net zero balance. Even when selling top players, the club prioritizes youth development, keeping costs lower while reinforcing a philosophy that has endured for over a century.
By Andrea Caropreso
