By Andrea Caropreso
Index
Follow us on social media to stay updated on the latest transfer news: Instagram, Facebook and X.
It is not an easy period for Lotito’s Lazio, which during the latest transfer window was unable to complete any incoming deals due to the liquidity index. This tool, based on various criteria, determines whether a club can register new players. The problem was further aggravated by the lack of significant revenues over the past year. Missing out on the new Champions League and failing to cash in on major player sales effectively blocked any opportunity to strengthen the squad.
The 2024 Accounts
Although the club has been absent from the Champions League for a few seasons, Lazio has managed to partly balance its books. According to the 2024 figures, the Biancocelesti returned to profit for the first time in five consecutive years, posting a net income of €38.5 million. Twelve months earlier, the accounts closed with a deficit of nearly €30 million.
Revenue, net of capital gains, reached a record €195.5 million, mainly boosted by the previous year’s participation in the Champions League. Including player trading, total revenues hit €236.4 million.
Among income sources, broadcasting rights stand out, providing €142.1 million (compared to €102 million in 2022/23), followed by matchday revenues (€27.7 million) and capital gains, which rose to €40.9 million thanks largely to the sale of Milinković-Savić to Al-Hilal. On the expense side, costs amounted to €192.2 million, with over €116 million linked to personnel.
Equity also turned positive (€0.39 million), a major shift from the –€38 million of the previous year. Debt decreased from €223 million to €177.5 million, thanks to a new tax repayment plan.
Forecasts for 2025
Looking at the year ending June 30, Lotito’s goal is to consolidate the 2024 recovery.
The key issue is TV revenues, the club’s main income source. Missing out on the Champions League is a huge blow: compared to the Europa League, the gap in matchday income, commercial exposure, and prize money is worth tens of millions. Nevertheless, Lazio has consistently maximized domestic broadcasting and sponsorship revenues, which remain a solid base for financial stability.
Based on these assumptions, here are the projections for the Lazio 2025 accounts:
| Item | Conservative estimate | Optimistic estimate |
|---|---|---|
| Total revenues | €180–200m | €220–240m |
| Total operating costs (wages, amortization, staff) | €175–190m | €200–210m |
| Capital gains / player trading | €10–30m | €40–60m |
| Expected net profit/(loss) | €10–20m | €0–10m |
| Equity | slightly positive (€1–5m) | improved to €10–20m |
| Net financial debt | stable or slightly worse (–€50/–60m) | moderately improved (–€30/–40m) |
A key challenge will be maintaining positive equity. After years in negative territory, this metric finally turned positive in 2024. Preserving it is essential, both to reassure investors and to comply with UEFA parameters, giving Lazio the profile of a club not in need of forced recapitalization.
A Summer with a Blocked Transfer Market
Maurizio Sarri probably expected a different Lazio when he renewed his contract last June. His return was well received by fans, but the club’s inability to register new players tainted the picture.
The sales of Tchaouna from Lazio to Burnley (€15.15m) and Nicolò Casale’s move to Bologna (€6.5m) brought liquidity, but not enough to cover the €90m shortfall.
The transfer freeze came after Covisoc reviewed the interim balance sheet as of March 31, which revealed failure to meet all three FIGC parameters: liquidity index (0.35 vs. the minimum 0.7), debt ratio (above 1.2), and the wage-to-revenue ratio (above the 0.8 limit).
The only way out would have been recapitalization, a move previously used by Exor to unlock Juventus’s market activity. Lotito, however, has always ruled this out due to cost, instead focusing on restoring the parameters by January, when new UEFA rules — focused mainly on the cost/revenue ratio — are expected to be more flexible.
