Italian media "Football and Economics" analyzed the impact of the income and expenditure of major Serie A clubs this summer on the current fiscal year statements.
What is Serie A spending in the transfer market? Financial Impact of Big Clubs Before we deeply analyze the specific data of each club, it is necessary to explain that we have tried to simulate the impact of summer and winter transfer transactions on the club's profit and loss statement: on the one hand, it increases costs such as amortization, loans and salary; on the other hand, it reduces amortization, loans and salary costs, and may generate capital gains.
For this purpose, we used data from the club's official statement, as well as rumors about transfer fees and salary reported by major media.
To simplify the calculation, the impact of all trades assumes that the player joins or leaves in early July, regardless of the actual transfer date in the transfer window. Those who have no impact on financial statements (such as those who have been loaned out and have temporarily transferred to other teams again) have not been included in the statistics.
In addition, the calculation does not include the transfer share ratio and broker commission. These data only have official records (or rumors) for major clubs, and if included, may lead to insufficient comparison data.
What is Serie A spending in the transfer market? Milan has the highest positive returns
Judging from the data, despite Milan's major investments, its transfer market has the highest overall positive returns to its financial statements, reaching 76.2 million euros. Milan's strategy focuses on increasing revenue in particular, achieving positive returns of approximately 166.8 million euros by reducing costs and transfer income. This mainly considers that Milan will miss the Champions League in the 2025/26 season and needs to make up for the related revenue losses.
Atlanta ranked second, despite retaining Admora Lukeman, earning considerable revenue from the sale of Matteo Retge, with the market positive earnings reaching €53.5 million.
Juventus ranked third with a positive overall return of €35.4 million, slightly higher than Inter Milan's €33.9 million. In addition, despite the huge investment (the cost is as high as 116.9 million euros, the highest in Serie A), Naples still achieved a positive return of 21.7 million euros thanks to Victor Osmeen's transfer capital gains.
What is Serie A spending in the transfer market? Rome's negative returns
Lazio's positive returns were lower, at 3.3 million euros, mainly due to the restrictions on the transfer market caused by liquidity index problems. Although Fiorentina sold fewer players, it achieved a positive return of 2.4 million euros by reducing the costs associated with multiple loan maturity.
Roma is the only team among the big Serie A clubs to record negative returns in the summer transfer window, with a total of -5.9 million euros. This means that the transfer market has a slight negative impact on Roma's profit and loss statement, mainly because most players' sales transactions are completed by June 30, 2025 to comply with UEFA's financial fair competition rules and are therefore included in the 2025 fiscal year, and summer transfer operations will affect the financial statements as of June 30, 2026.