By Andrea Caropreso
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The similarities between Roma and Newcastle can be found not only in their league positions last season but also in their foreign ownership. On one side are the Friedkins, owners of the Giallorossi, and on the other the Saudi sovereign fund PIF, which, since entering football, has made the Magpies the richest club in the world. Two different leagues, two distinct approaches to the future — but the same goal: to restore the glory of clubs that once dominated the game.
Roma’s Financial Report
Roma is experiencing a key phase in its economic recovery — a process that began under the Pallotta era and has continued under the Friedkin ownership.
The financial report as of June 30, 2024 (the latest available before the 2025 figures) shows a net loss of €81.4 million — an improvement over the previous season but still far from the standards imposed by the settlement agreement with UEFA. However, excluding so-called “virtuous” expenses — investments in infrastructure, youth academy, women’s football, and social projects — the effective deficit drops to around €60 million, allowing Roma to remain within UEFA’s financial limits.
Roma Financial Overview 2024
| Item / Indicator | Official 2023–24 figure (€ mln) | UEFA Guidelines |
|---|---|---|
| Total revenues | 301.7 | Not reduced in UEFA calculation due to “virtuous” elements (youth, infrastructure) |
| Total operating costs (staff, amortizations, etc.) | 317.4 | Deficit reduced from –81.4 mln to around –60 mln |
| Official net loss | –81.4 | –60 mln |
| Aggregate loss allowed by Settlement Agreement (2023–26) | — | Maximum: –60 mln total |
| Cost reduction vs previous year | ~15 mln |
To stay within these limits, Roma has already shown signs of improvement. In 2023–24, the club reduced operating costs and adopted a player trading strategy — seeking capital gains through transfers to balance the accounts.
Total expenses still exceeded €317 million, but amortizations — especially those related to player contracts — declined compared to the previous year, signaling a strategy to lighten the most burdensome items. The wage bill was also trimmed, with targeted cuts and overall salary reductions. However, the challenge remains open: meeting UEFA parameters without qualifying for the lucrative Champions League could prove much more difficult.
Newcastle’s Financial Report
Newcastle’s 2023–24 financial results reveal the rise of a club that, after years of inconsistency, is now reaping the rewards of the Saudi ownership’s project. Total revenues reached £320.3 million (approximately €372 million) — a growth of over 28% compared to the previous season.
This surge was driven by participation in the new Champions League, a 32% increase in matchday revenues, and an almost 90% jump in commercial income, thanks to new partnerships and greater international visibility for the brand.
Although costs also rose — mainly wages and amortizations — the club ended the year with a contained loss of about €13 million, a remarkable improvement compared to the nearly €80 million deficit of the past. These figures are expected to improve further next season, following Isak’s €150 million transfer to Liverpool.
Newcastle Financial Data
| Item | 2022–23 (€ mln) | 2023–24 (€ mln) | Change % |
|---|---|---|---|
| Total revenues | 290 | 372 | +28% |
| Commercial revenues | 51 | 97 | +90% |
| Matchday revenues | 48 | 63 | +32% |
| TV rights revenues | 191 | 212 | +11% |
| Total operating costs | 355 | 385 | +8% |
| Operating result | –65 | –10 | +84% |
| Net loss | –81 | –13 | +84% |
| Player amortizations | 118 | 109 | –8% |
| Net debt | 87 | 92 | +6% |
The Saudi ownership’s goal for Newcastle is twofold: to comply with Premier League financial regulations while consolidating its position among the elite of English and European football. While short-term balance remains fragile, the medium-term growth potential is enormous, driven by global brand expansion and new structural revenue streams.
The PIF Strategy
Newcastle represents a different investment model, showing that one can invest heavily in football without reckless spending. Unlike Manchester City or Paris Saint-Germain, the Saudi fund PIF has chosen a more cautious, long-term approach: no extravagance, but strategic, sustainable investments. The goal is to build long-term value by focusing on young, high-potential players who fit the technical project.
Examples abound: Isak (sold this year with a massive profit), Sandro Tonali, and Anthony Gordon illustrate a forward-looking strategy aimed at sustainable growth rather than immediate glamour.
With this approach, Newcastle returned to the Champions League and ended a 70-year trophy drought by winning the League Cup last season. Economically, growth is equally evident: revenues rose by 28%, reaching £320 million, while losses dropped sharply to £11 million, down from £72 million the previous year.
This result was made possible by the owners’ strong financial backing, with about £400 million in equity injections, avoiding structural debt. It’s a different model — but one that, like others, uses football as a means for a sovereign fund to expand its global influence.
By Andrea Caropreso
