A report by global research firm Alix Partners, published in Italian media outlet Calcio e Finanza, revealed a significant trend in Serie A from the 2018-19 season to the 2022-23 season: salary cuts. Major cuts!
At the start of this century, the leading Serie A clubs were controlled by the wealthiest Italian entrepreneurs (or politicians) who invested heavily in achieving sporting goals, driven by a love of football and a desire for local prestige. However, in recent years, a large influx of foreign capital, many of which are fund-based, has taken over Serie A, leading to a shift towards salary reductions and cost-cutting as the norm.
During the period from the 2018-19 season to the 2022-23 season, Serie A saw a 15% overall reduction in salaries. Juventus experienced the highest cut, reducing their salary costs from €301 million to €255 million, a 15% reduction. However, the Bianconeri remain the team with the highest salary bill in Serie A, significantly higher than second place.
AC Milan reduced their salary costs by 12% from €169 million to €149 million. Roma cut their costs by 7% from €165 million to €154 million. Napoli experienced a 20% reduction, going from €132 million to €106 million.
Only two teams bucked the trend: Inter Milan increased their salaries by 21% from €163 million to €197 million, making them one of the few teams to increase salaries during this period. Atalanta followed suit, boosting their salaries by 42% from €54 million to €77 million.
The two “Nerazzurri” teams, due to their “bucking the trend” strategy, exhibited two key phenomena. Firstly, they have enjoyed considerable success on the pitch. Inter has won the Serie A title twice in recent years, alongside numerous Coppa Italia and Supercoppa Italiana trophies, and even reached the Champions League final. Atalanta secured their first-ever European trophy. Secondly, over the past five years, both clubs have been among the top Serie A teams in terms of generating revenue through player sales. Inter has earned €471 million from player sales, placing them second in Serie A during this period. Atalanta, meanwhile, earned €399.8 million, placing them third. Ultimately, the underlying reason for their salary increases lies in their revenue generation capabilities, which are insufficient to cover the financial pressure stemming from salary increases.
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