If you can afford to spend 50 million (between onerous loan and obligation to buy, with all that entails on the budget) and place another 5 per season for 5/6 years on the plate of Hojlundfilling a hole that suddenly opened up in the squad (the injury of Lukaku in August), means only one thing: you are a healthy company that has enough cash on hand to go all-in when the situation requires it. This is enough to undermine the entire narrative of Antonio Conte on the Napoli which is less than Juventusall’Inter et al Milan as for investments. That she looks like a Cinderella on whom he, Prince Charming, has put the slipper on her foot and taken off her ashy and worn-out clothes is an absolute lie. If there is a financial model that combines self-sustainability with constant growth and results, it is precisely the path undertaken by Aurelio De Laurentiis who brought his creation permanently to Europe and consolidated its presence in the top positions of Serie A. And the very fact that he chose the most Juventus and expensive of coaches (there was another on the doorstep, Allegriif he had given up) is proof of how the use of capital looks to other horizons. Prospects which, of course, could expand and strengthen with assets such as owned stadiums and sports centres, but history says that with Conte and thanks to Conte’s great work, Napoli continued (not started) to win. That he cannot (is not ready to) command means everything and nothing: the Neapolitan club does not “must command” or “must necessarily win”, but it is undeniable that, at least in Italy, it certainly has all the tools to compete. That this season he has faced objective difficulties (the long sequence of injuries) and has often been forced to make a virtue of necessity, losing points, serenity and brilliance also due to commitments in the Champions League, is the only aspect he is right about. But he had to be taken into account, just as he deserves credit for having been very good at finding effective solutions.
It’s true, Napoli are not objectively “extremely favored” to secure another scudetto (the second in a row, the third in 4 years) on their shirt, also in light of a series of external factors that have slowed down their performance, disrupted their plans (serious ailments to stalwarts like De Bruyne, Lukaku then Anguissa) and forced them to reinvent themselves on the run. On the other hand, you would never have been able to get up and stay in the middle of the ring to fight if you didn’t have excellent resources to draw on.
How much does Napoli cost compared to the other big teams in Serie A, the table of expenses.
The balance sheets are there for all to see and the reverberation that reflects the value expressed by the pitch is proof of how it is not heresy to believe that Napoli have the obligation to compete for the scudetto. Which is right to be included among the high-end teams. Which is not performing any “miracle” but only what is reasonable to expect from a team that costs more than any other in Serie A, including its coach who is the highest paid among his colleagues: 240.5 million euros, more than Juventus (235.2 million), Milan (197.4 million), Inter (194.7 million) and Roma (163.5 million). Figures that photograph the expanded cost of the squad, calculated by adding the annual expenses for wages and the weight of the cards, and keep the Azzurri ahead of everyone.
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How do you arrive at that amount? In terms of salaries, Napoli is third (110.1 million euros) and if they have such a high overall cost of the squad it is due to the amount of amortization that the company records in the balance sheet at decreasing amounts (the first two seasons have a greater weight compared to the statements of other clubs). It is the paradoxical reason why, despite having the finances in order, sufficient cash availability (200 million) and a flourishing balance sheet, the independent commission that supervises the accounts imposed limits on him on the January market.
Salaries, amortization and commissions must not exceed 80% of revenues: a calculation which in Italy is not calibrated on the calendar year (like the UEFA Financial Fair Play), nor on the sporting season but on a period of time (October 2024 – September 2025) which is the worst period for a club. In particular like Napoli who made a lot of transfers last summer with the arrival of 9 new players added to the Scudetto squad. If he bought them, however, it is because he could. And Conte, despite his character and comprehensive communication strategies, has no excuses, nor can he omit it by telling a fairy tale that doesn’t exist.
