By Andrea Caropreso
Index
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The last few seasons at Torino have not fully satisfied the Granata environment. It’s no coincidence that for years, many fans have been hoping president Urbano Cairo would hand over the reins to someone else. However, it must be noted that Cairo’s management has always been guided by financial sustainability. The latest official figures for the 2023 and 2024 balance sheets are emblematic, showing overall positive results.
The 2024 Balance Sheet
One year ago, Torino closed its accounts with revenues up to €134 million, a 33% increase compared to 2023. This growth was made possible mainly thanks to the sales of Bellanova and Buongiorno, which brought about €48 million to the club. In today’s football landscape, clubs like Torino rely on significant player sales both to finance new signings and to balance their books.
Key 2023 vs 2024 figures:
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Total revenues: €101.1m → €134.5m (+33.4%)
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Player trading (capital gains): ~€36m → €58.4m (+62%)
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TV rights: ~€52m → €48.5m (−6.7%)
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Sponsorship/commercial: €15.7m → €16.6m (+5.7%)
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Total costs: €109.4m → €114.8m (+5.0%)
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Staff costs: €55.7m → €58.8m (+5.6%)
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Amortization: €28.7m → €32.8m (+14.3%)
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Net result: −€9.6m → −€10.4m (worsened)
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Net equity: €4.3m → €17.6m (strong growth)
On the cost side, expenses rose 5% to €114.8m in 2024. Staff costs alone absorbed €58.8m (over half of total revenues), while amortization reached €32.8m. The year ended with a €10.4m loss, slightly worse than 2023’s €9.6m loss, but with a much stronger net equity position at €17.6m — proof that, despite the loss, the club strengthened its balance sheet.
Projections for 2025
Looking ahead to the fiscal year closing on June 30, 2025, Torino is expected to break even or post a small profit of around €5m. This outcome is again tied to capital gains, which have totaled nearly €400m across Urbano Cairo’s 21-year presidency.
Estimated 2025 figures:
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Total revenues: €145–160m
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Player trading: €40–60m
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TV rights: €48–52m
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Sponsorship/commercial: €18–20m
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Total costs: €120–130m
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Staff costs: ~€60m
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Amortization: ~€30m
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Net result: between −€5m and +€5m
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Net equity: €20–25m
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Net financial debt: stable at around −€34m
Costs remain high, with the wage bill projected at €60m and amortization at about €30m.
Cairo’s History with Torino
Urbano Cairo took over Torino during a difficult period, when the club was in Serie B and facing uncertainty. Since then, he has invested more than €80m, though the scale of investment has varied. Between 2013 and 2021, direct contributions were almost nil, but in recent years (2022–24) Cairo has injected nearly €18.5m, alongside €20m in external financing.
Ownership contributions over time:
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2005–2012: ~€62.2m in direct contributions (peak in 2010 with €21m)
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2013–2021: almost none directly, ~€30m from external/holding financing (pandemic years)
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2022–2024: ~€18.5m directly, ~€20m via external financing
In short, Cairo has prioritized Torino’s financial stability, adding fresh capital only when needed. This approach stems from the precarious situation he inherited. He has always stated that he would only sell the club to investors capable of guaranteeing a strong future — otherwise, it would mean wasting 20 years of careful, effective management.
