By Andrea Caropreso
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Roma and Villarreal represent two very similar realities in terms of ambitions and sporting results. The Spanish club can boast a greater presence in the Champions League in recent years, while the Friedkin-owned club has achieved very positive results in both the Europa League and the Conference League, when it lifted the trophy in the first edition under Mourinho. Although they have similar league objectives, there are differences on the financial side, resulting from different assets and management approaches.
Roma’s Financial Report
Roma is in a delicate and crucial phase of its economic recovery, caught between the obligation to comply with UEFA’s financial constraints and the need to remain competitive on the pitch. The official financial statement as of June 30, 2024 — the latest available before the 2025 report — closed with a net loss of €81.4 million, an improvement over the previous year but still too high for the standards required by the “settlement agreement” signed with UEFA.
However, excluding items such as investments in infrastructure, the youth sector, women’s football, and social projects, the official loss is reduced to around €60 million, allowing the club to remain within the acceptable perimeter for the 2023–24 season. To comply with this threshold, Roma has already recorded an initial improvement in 2023–24 and is working to further cut costs and generate capital gains in each transfer window.
Roma Financials 2024
| Item / Indicator | Official 2023–24 figure (€ mln) | UEFA Guidelines |
|---|---|---|
| Total revenues | 301.7 | Not reduced under UEFA rules as several “virtuous” items (youth, infrastructure) are excluded |
| Total operating costs (including staff, amortization, etc.) | 317.4 | Official deficit reduced from –81.4 mln to about –60 mln |
| Net loss | –81.4 | –60 mln |
| Aggregate loss allowed by Settlement Agreement (2023–26) | — | Maximum allowed: –60 mln total |
| Reduction in costs from previous year | ~15 mln in operating costs |
Operating costs exceeded €317 million in 2024, while amortization — particularly related to players — declined, showing Roma’s effort to ease its most burdensome expenses. Personnel costs remain significant but have been slightly reduced.
Even so, Roma’s future hinges on achieving financial balance. On the UEFA side, it must balance the books within the limits set for the three-year period. Possible sanctions for non-compliance are not just monetary but could include market restrictions, player registration limits, or reductions in international competition prize money.
The figures confirm that Roma’s recovery is ongoing but not yet complete. Profitability remains distant, and every decision — whether in the transfer market or investments — carries double weight: sporting and accounting. Only by successfully closing the UEFA agreement can Roma aim to break even and return to compete consistently with Europe’s most financially solid clubs.
Villarreal’s Financial Report
Villarreal CF’s accounts as of June 30, 2024, closed with a modest loss of about €14.1 million. Although negative, this figure confirms the club’s ability to keep its finances under control — a business model embodied by President Roig, who has rarely relied on external debt.
This approach allows the club to maintain financial balance without sacrificing competitiveness. Villarreal operates on a model where expenses are consistently aligned with expected revenues, thus avoiding structural deficits.
Villarreal Financials 2024
| Financial Item | Value (€ mln) | Notes |
|---|---|---|
| Total revenues (2024/25 budget) | 143.4 | Revenues forecast to match expenses, balanced budget |
| Operating expenses (2024/25 budget) | 143.4 | Equal to revenues, maintaining equilibrium |
| Net result 2023/24 | –14.1 | Official loss reported by the club |
| Salary cap 2024/25 | 135.9 | Down 6% from previous season |
| Estimated recent revenues | ~76 | Average annual revenue |
| Estimated recent expenses | ~71 | Ordinary operational costs |
| Net financial debt | ≈ 0 | Virtually debt-free |
In line with this philosophy, Villarreal’s recent budgets target balance, with both revenues and expenses estimated around €143.4 million. In recent years, the club has generated average annual revenues between €70–80 million, keeping expenditures slightly below to maintain a small but stable operating margin. The slight deficit in the last season is due partly to missing the 2023/24 Champions League, reducing broadcasting and UEFA prize income, and partly to lower transfer profits. Villarreal relies heavily on player development and sales to sustain competitiveness and financial strength.
Between La Liga and Serie A
One of the key factors determining the global market value of a football league is its income from TV rights. La Liga has recently shown excellent performance in this sector. In the 2023/24 season, total standardized revenues exceeded €5.049 billion, up 3.2% from the previous year.
On the sponsorship and commercial partnership front, GlobalData’s latest estimates for the 2024/25 season indicate that La Liga will generate around $117.47 million from centralized sponsorship agreements.
In contrast, Serie A experienced a downturn in revenues for 2024/25. From approximately €1.072 billion in 2023/24, revenues dropped to €898 million, a decline largely due to reduced commercial income. These figures highlight how the Italian league, being less attractive globally, consequently generates lower revenues, preventing clubs from competing financially with their European counterparts.
