What’s going on in Serie A?
In January of this year, Premier League clubs spent over 800 million Euros on transfers, but clubs in Italy’s Serie A, spent just 33 million Euros. That figure is just over half of what strugglers AFC Bournemouth spent alone. So just where has this disparity come from?
Just a year ago, in January of 2022, Juventus broke the Serie A transfer record, signing forward Dusan Vlahovic from Fiorentina for 70 million Euros, backing up a trend of the Bianconeri being the biggest spenders in the winter window.
In 2021, they brought in Nicolo Rovella, a hugely scrutinised transfer, a transfer that was a huge citation in the case that would eventually see the Old Lady deducted 15 points this season. The year before, Juventus broke records to sign Dejan Kulusevski from Atalanta, again the biggest signing of the window.
It’s no shock to say that the Juventus have driven the Italian market for the last ten years or so, but investigations into the club’s finances, specifically revenue generated from player trading, have left the league shocked and cautious about its financial future.
The club would sign no one this window, as it’s entire board resigned. The recruitment department would be reshuffled under Francesco Calvo and Juventus must now wait as it appeals the charges against them.
Since the charges came to light, Serie A, has become the most financially cautious league in Europe. With all eyes on Italy, clubs must do business in broad daylight, with most clubs only willing to commit to full cash deals, and that is just the problem. No one has any money.
Inter Milan have 275 million Euro loan they must repay by 2024, with an large interest rate. Inter are also under a strict Financial Fair Play agreement, alongside AS Roma, which makes incomings very hard to pass through.
Sampdoria, who are struggling towards the bottom of the league, are in great fiscal difficulty, and clubs such as Hellas Verona are up for sale, and have been for some time.
The only club to have spent money within January are Spezia, as they sold Jakub Kiwior, a player they signed for just 2.2 million Euros, to Arsenal 25 million Euros, it allowed them to have something to spend with.
In truth, the first month of 2023 was defined by players leaving Italy, as Weston McKennie left for Leeds United, Hamed Traore joined AFC Bournemouth and Milan Skriniar signed a pre-contract agreement with PSG, with Inter losing another player for free.
Though Serie A looks like it will have a fourth different Scudetto winner in four years, as Napoli stand tall at the top of the division, away from the pitch, the league continues to fall behind its competitors.
In Italy, clubs in the top division have totalling debts of around 4.5 billion Euros, and investment has been scarce to come by. The league has to look into external help. In early 2023, reports said the JP Morgan, a backer of the controversial Super League, had made an offer of around 1 billion Euros in financial backing, to develop the leagues global media businesses. Elsewhere, it is understood US investors that are already involved with Italian clubs, have deemed the leagues International TV rights as undervalued, and a place where revenue could be easily developed.
At league level, Serie A needs serious guidance on how to maximise its business level, and unwind years and years of poor governance. Truthfully a long and painful road for Italian’s topflight football to weave its way out of.
