Both companies, in recent years, have come under the management of American consortiums
Journalist
December 28 – 08:17 – MILANO
One has had a positive balance sheet for almost a decade, the other has recently celebrated the first profit in its history. One purchased the stadium in 2017 and completed its renovation in 2024, the other has just signed the deed and aims to play in the new facility in 2031. Simply, Atalanta is ahead. Of course, Inter is the current Italian leader in terms of turnover (546 million in 2024-25, record in Serie A) and results in the Champions League (two finals in the last three seasons) and its brand has a global reach. However, in its small way, which has now become big, the provincial club has traced a path to follow for our football, devoured by debt and shortsightedness, also thanks – it must be said – to a context that makes it easier to work on a long-term horizon: Bergamo, in terms of expectations and pressures, is not Milan.
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Tonight Atalanta-Inter at the New Balance Arena brings together two inevitably different realities, but with some points in common. The Percassi family, maintaining the reins of governance (Antonio president, Luca CEO), sold the majority stake in 2022 to the US consortium led by Stephen Pagliuca, investor in the private equity field and senior advisor of the Bain Capital fund. In 2024 it was Inter’s turn to pass under the stars and stripes flag. Oaktree, the reference shareholder, is a different fund, specialized in the “stressed-distressed” area, i.e. in those operations with a higher degree of risk, but the policy imposed on Inter is the same as Atalanta: sustainable management, with investments functional to the growth of the team and the club. In the first financial year under his management, a profit of 35 million arrived, after the deficit of 36 in 2023-24 and the copious losses surrounding Covid (488 million in the three-year period) which had forced the Zhang family to surrender. The merit of the plus sign can be traced back mainly to the very rich Champions League campaign, which brought in 190 million in proceeds between UEFA prizes, box office and sponsors, and to the Club World Cup token (31 million): thus breaking down the barrier of half a billion in revenues. Furthermore, in recent years Beppe Marotta had made clear cuts to the squad, achieving savings close to one hundred million between member salaries (at 219 million in 2024-25) and amortization (61).
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In the last season, Atalanta also recorded record revenues: 199 million, 39 more than the previous year. If the triumph in the Europa League had brought in 36 million, participation in the Champions League ensured 67. The organic development of the Bergamo club has allowed the spending bar to be gradually raised, with the salaries of members rising to 113 million and depreciation to 68, overtaking Inter. On the other hand, in the last five years Atalanta has mobilized half a billion in investments in transfer campaigns: 133 in 2024-25 alone, spending 25 for Retegui, 24 for Bellanova, 22 for Samardzic, 19 for Kossounou, etc. He was able to do this because the factory’s specialty, namely the development of talent, generates money without interruption. Over the last five years, acquisitions have been matched by player trading revenues. The Retegui operation is exemplary, sold a year after the purchase for more than double: the capital gain of 41 million, recorded in the 2025-26 budget, will contribute to yet another profit.
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