Hey everyone,

When we speak about Inter, Milan and Juventus, we usually discuss transfers, coaches, referees…

Today, we look at something far more important: the numbers.

Because numbers tell the truth even when words don’t.

And this year, the truth is interesting.

For the first time, Inter, Milan, and Juventus together passed €1.6 billion in revenue.
A huge jump from last year’s €1.32 billion and a new record for Italian football.

All three grew.
But not equally.

This year, Inter broke the €500 million barrier.
A mix of Champions League and a fanbase that keeps showing up.

Inter beat Milan and Juve in every single revenue line:

Matchday revenue

European matchday revenue

Season tickets

TV rights
Reaching the Champions League final (even losing 5–0 to PSG…) still paid off:

And the Club World Cup added more oxygen for Inter and Juventus.

Milan passed Juventus in commercial revenue:

Why?

Juventus spent almost the entire season without a shirt sponsor.
And in the football business, that’s like leaving money on the pitch every weekend.

Milan’s global brand is strong.
And they’re building on it.

With no Champions League last year and no shirt sponsor, Juve leaned on player trading.

Player trading revenue:

Capital gains:

Juventus basically balanced half their season through the market.

Here, Juventus is still the most expensive club in Italy. But something important is happening.

In 2020/21, Juventus’ costs were almost €700 million.

This year?
€559 million.

Still high, but the curve is going down.
Hard choices, but necessary ones.

Personnel costs + amortisation:

They’re cleaning up the wage bill and cutting amortisation.

Inter’s costs rose slightly to €482m, up from €464m.
Still under control, considering the revenue explosion.

Personnel + amortisation:

This is sustainable if revenues stay above €500m.

Milan reached €478m in costs, up from €443m.

Personnel + amortisation:

Milan has built a model that keeps the club competitive and sustainable.

In Italy, that’s a great achievement.

Two clubs ended the season in the black:

One club is still negative:

But this is important:

Juve went from –€199m to –€58m in one year.

That’s a recovery.

Inter had the best financial season.
Milan stayed stable and smart.
Juventus finally stopped the bleeding.

But the race isn’t decided in one season.

Everything now depends on two things:

1. Who will have the most profitable stadium
Inter + Milan are pushing.
Juventus already has one.
The new San Siro could change the league’s balance for the next 20 years.

2. Who controls costs during the next cycle
Success in football is not easy but simple:

The clubs that master these three will define the next decade of Serie A.

See you tomorrow,

Federico