Welcome to issue #029 of Contemporary Football, your inside look at how the game really works behind the scenes.
Monday to Friday, you’ll uncover a new perspective on football business, and sometimes a deeper story that sharpens your thinking and gives you an edge in the beautiful game.
If you need support on your football journey, just write me.
Hey everyone,
Atalanta just beat Chelsea in the Champions League.
Not bad.
But let’s get straight to the financial numbers because this is an interesting case.
Atalanta closed the 2024/25 financial year with:
€320.8m revenue (a historic record)
€37.8m net profit
10 consecutive profitable seasons!
€243.3m net equity
In football, this is not normal.
This is exceptional.
And it’s worth understanding why.
The numbers that matter (24/25)
Here is the full breakdown of the €320.8m:
Matchday: €15.1m
Commercial + sponsorship: €37.7m
Broadcasting: €138.6m
• €63.0m from Serie A
• €67.0m from Champions LeaguePlayer trading: €121.6m
• €100.8m capital gainsOther: €7.8m
The engine is simple:
Champions League + systematic player trading
Costs
Total costs increased to €261.7m. Here is the key part:
Personnel: €127.3m
Amortisation: €76.7m
Services: €26.5m
Other: €31.2m
Even with rising costs, Atalanta still generated a €59m operating surplus.
Profitability
Net profit: €37.8m
(€11.8m in 2023/24)
Ten seasons in a row in the black.
No other top Italian club comes close.
Debt and liquidity
Total debt: €216m
Cash: €43.7m
Net financial position: +€36.8m
Debt increased, liquidity increased, stability maintained.
What makes Atalanta different
You don’t produce ten years of profits by accident.
You do it with structure.
They reinvest everything, every year.
They run a €100m+ player-trading system, not a gamble.
They use Champions League money without losing their head.
They treat cost control as strategy.
Final Thoughts
Most clubs don’t fail because they make less money.
They fail because they burn money.
Atalanta is the counter-example we should all study.
Discipline, planning, and 10 years of compounding.
Like everyone else, they make mistakes, and they have ups and downs.
But these numbers tell a simple story:
Atalanta knows exactly what it is, what it can spend, and how to use its strengths without pretending to be something else.
That clarity is a competitive advantage.
And when you combine it with continuity and an ownership group that actually works inside the club, you get a model that keeps Atalanta competitive even against clubs with far bigger budgets.
Nothing flashy.
Just a structure that does its job, year after year.
See you tomorrow,
Federico