By Andrea Caropreso
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Napoli and Liverpool are the perfect example to explain the economic gap that exists today between Serie A and the Premier League. Two teams that have won their respective leagues but will receive completely different prize money. On one side, the Neapolitans will receive around €20 million from the league, while on the other side, the Reds will collect close to €80 million. Practically triple, just as triple is the spending capacity of English clubs in the transfer market.
Comparing the financial statements
Looking at the financial statements closed in 2024, the first major differences can be seen in terms of revenues, costs, and debt. Napoli recorded last year a record performance under De Laurentiis’ management, with €63 million in profit. A result driven by various factors, including merchandising from Champions League matches, as well as sponsorship and ticketing revenues earned thanks to the top European competition.
Item Napoli (30/06/2024) Liverpool (31/05/2024)
Total revenues €328.2 M €713 M
Total costs / operating expenses €244.4 M €696 M
Net profit / loss +€63 M –€66 M
Broadcasting / media rights €142.2 M –€44 M compared to 22/23
Commercial revenues / sponsorships ~€70 M >€348 M
Matchday (stadium) €27.4 M ~€116 M
Wage bill / personnel costs €116.4 M Rising above €580 M
Investments / debt Debt decreasing, high liquidity (€210.5 M) Debt increased for new Anfield stand / infrastructure investments (~€490 M estimated)
The first obvious difference is the scale of revenues. Liverpool recorded around €713 million in revenues in 2023/24, more than double compared to Napoli, which stopped at €328 million. This result is partly due to Liverpool’s status as a stronger global brand compared to Napoli, but also to the great visibility and attractiveness that the Premier League generates worldwide.
Comparing costs and debts
On the cost side, as the table above shows, the differences are clear. Liverpool’s expenses are more than double those of Napoli, and this is naturally because the English club can afford them thanks to higher revenues. The heaviest factor is wages, especially those of players. To put this into perspective: the highest-paid player at Napoli is Lukaku with €7.7 million net per year, while at Liverpool it is Salah with about €12 million.
However, there is one area where Napoli is in a better position compared to Liverpool: debt. De Laurentiis’ club enjoys high liquidity (relative to its size) thanks to careful management and effective player trading, i.e. buying low and selling high. Furthermore, Napoli has no substantial debts, whereas Liverpool has actually increased its net debt in recent years due to the expansion of Anfield with a new stand.
This project had already been initiated in 2016, but in 2021 the Reds’ management decided to further increase capacity to meet both financial needs and fans’ demand for tickets.
The Premier League model
The reason why there is today this seemingly unbridgeable gap between Italian top clubs and English ones is called the Premier League. In other words, the birth of a new way of understanding English football that replaced the former First Division. This model boosted competitiveness, improved infrastructure, and consequently attracted the best players in the world. Meanwhile, in Italy, the golden era of the early 2000s was fading, and decision-makers failed to keep pace.
Year after year, the Premier League confirms its status as the most profitable league in the world, thanks to TV rights revenues, which amount to about €7.8 billion over the 2025–2029 cycle. This extraordinary result is the product of a balanced and meritocratic distribution system: 50% is distributed equally among all clubs, while the remaining half is divided between sporting results (25%) and TV visibility (25%). Conversely, in Italy the latest deal was signed for around €900 million.
Aside from the money coming from Saudi Arabia (which no one can compete with), the Premier League remains the benchmark, both for the way they structured their revenues and for their ability to generate a show every weekend. Only by learning from others will Serie A, one day perhaps, catch up with the British giants.
By Andrea Caropreso
