Juventus vs Inter: Financial Battle of Italian Giants
The Derby d’Italia, one of Italian football’s greatest rivalries, is set to unfold its 253rd chapter. This Sunday, Juventus will host Inter Milan at the Allianz Stadium, showcasing not just a clash of titans on the pitch, but also a confrontation between two of Serie A’s economic powerhouses.
Over the past 20 years, both clubs have seen significant revenue growth. Inter Milan’s income has surged by 142%, with an annual growth rate of 4.5%, while Juventus has experienced a 54% increase, averaging 2.2% annual growth (96% with a 3.6% annual average when comparing 2022/23 figures).
In the 2023/24 season, Inter Milan surpassed Juventus in matchday revenue, player management income, and TV rights, largely due to their Champions League participation. However, Juventus still leads in commercial revenue, albeit with a narrowing margin.
Both clubs have been working to reduce costs and debt in recent years. Juventus has decreased its personnel and amortization costs from €475 million in 2020/21 to €364 million in 2023/24. Similarly, Inter Milan has cut these expenses from €370 million to €271 million over the same period.
Debt management has been a key focus, with Juventus reducing its gross debt from €937 million in 2019/20 to €638 million in 2023/24. Inter Milan has also made progress, decreasing from €881 million in 2021/22 to €734 million in 2023/24.
Despite these efforts, both clubs have accumulated significant losses over the past five seasons. Juventus has reported a total deficit of €862 million, while Inter Milan’s losses amount to €609 million. These financial challenges have necessitated substantial interventions from their respective owners, with Juventus receiving €900 million in capital increases since 2019/20, and Inter Milan relying on a €275 million loan from Oaktree to ensure continuity.
As both clubs look to improve their financial positions, the upcoming expanded Champions League and FIFA Club World Cup are expected to provide additional revenue streams, potentially aiding their recovery efforts.