High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/0abf6e36-79b7-11e1-9900-00144feab49a.html#ixzz1qYEiBzRU
Silvio Berlusconi’s words of warning to the new foreign owner of AS Roma – “you spend loads of money and earn nothing” – are borne out in a report released on Thursday showing rising losses and debts among Italy’s top football clubs last season.
Losses by the professional clubs, mostly owned by wealthy individuals, including Italy’s former prime minister, rose 23.2 per cent in the 2010/11 season to €428m. Debts in just the top league, Serie A, increased 14 per cent to €2.6bn.
High quality global journalism requires investment. Please share this article with others using the link below, do not cut & paste the article. See our Ts&Cs and Copyright Policy for more detail. Email ftsales.support@ft.com to buy additional rights. http://www.ft.com/cms/s/0/0abf6e36-79b7-11e1-9900-00144feab49a.html#ixzz1qYElZh1q
Even though Italy’s economy was going through a brief post-recession recovery at the time, the numbers of spectators at Serie A matches fell by 2.4 per cent, with average turnout at only 56 per cent of stadium capacity. The average top division ticket cost €20.9 euros, compared with €50.4 in Spain and €48.3 in the UK.
“Report Calcio 2012” – by the Arel think-tank, the Italian football federation and accounting group PwC – stressed the need for government legislation on financing and regulations governing new stadiums. Juventus is the only top-flight club to own its stadium, while AS Roma, newly acquired by US businessman Thomas DiBenedetto, is planning to build one.
The report did not give a club-by-club breakdown of financial results. Only three clubs in Serie A are listed on the Milan stock exchange. Mr Berlusconi, who watched his AC Milan draw 0-0 at home to Barcelona on Wednesday, welcomed Mr DiBenedetto to the world of Italian football last year, saying it was a “magnificent adventure”, but one that brought financial heartache.
Copyright The Financial Times Limited 2012
