The Italian league pyramid will be missing one its most storied clubs next season, as Brescia declare bankruptcy. With financial irregularities rife across every level, we examine the clubs with the most debt in Serie A.
One of Italian soccer’s oldest institutions is set to fall by the wayside from next season.
World renowned names have graced Brescia’s Mario Rigamonti at the foothills of the Alps; Pep Guardiola Roberto Baggio, Gheorghe Hagi and Andrea Pirlo to name a few.
But after a colorful 114-year history in Italy’s professional league pyramid, former Leeds owner Massimo Cellino failed to pay a debt of over $3 million, forcing them to liquidate.
Another former top-flight team, SPAL, have declared they will also be unable to register to play in Serie C from next season.
The club’s situation differs slightly from Brescia’s in that they have yet to declare bankruptcy, but they have been unable to prove their financial stability, in order to compete in the division.
Although clubs lower down the pyramid are suffering hardest from mouting debt, the problem is ubiquitous across Italy.
Below we analyze the clubs with the most debt in Serie A, why teams are struggling financially, and how it may affect their transfer business this summer.
Serie A Clubs With the Most Debt
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AC Milan – $115 million
Although AC Milan’s owners, RedBird Capital, invested almost $200m when refinancing a vendor loan in December 2024, it only reduced the overall credit to $568m.
US hedge fund Elliott Management’s acquired AC Milan in 2018 after its Chinese owner, Li Yonghong, defaulted on a $473m debt payment.
RedBird have only extended the loan repayment to 2028, having been within eight months of its expiry, so they still owe Elliot Management $568m, along with future interests.
Although this arrears is external, it still weighs heavy on AC Milan’s future. It does, however, not fall under the debt we are counting for this article, since it is not included in their operating costs.
Milan’s actual debt climbed to an estimated $115m last season, and may increase even more as they prepare to post losses of over $30m this financial year. This will likely be further compounded by failing to qualify for Europe, in any of its three iterations.
Owners RedBird have buoyed the club using equity, around $62m across the last two years to be exact.
The loss of revenue from failing to qualify for Europe, as well as losing to Bologna in the Coppa Italia final, could force as many as five major player sales this summer.
Milan are prepared to sanction the sale of Theo Hernandez to Saudi club Al-Hilal, despite the Frenchman being arguably their most effective asset in recent seasons.
Theo Hernandez has since rejected the move, but Milan are still positioning themselves to accept important proposals this offseason.
Tijjani Reijnders has already departed, goalkeeper Mike Maignan is on the verge of a move to Chelsea, while Rafael Leao could well be the most expensive sale in their history.
2. Juventus – $344 million
Despite Juventus dominating the financial news cycle in Italy’s sports newspapers in recent years, they only come in at number two amongst clubs with the most debt in Serie A.
That isn’t to say their fiscal health isn’t at a precarious point — in fact, they have been forced to borrow money and sell assets at an alarming rate, in order to safeguard their long-term future.
Two seasons ago, Juve were hit with an initial 15-point deduction — later reduced to 10 — after an investigation revealed false accounting and financial irregularities in past transfer dealings.
As a result, the Biaconeri missed out on Champions League for the first time in 12 seasons, which in turn led to a net loss of $226 million in its 2023-24 fiscal year.
The Old Lady have over $900 million in liabilities, second only to Barcelona in world soccer, around $344m of which is existing bank loan, transfer and other commercial debt.
The club have sort to reduce this by funneling proceeds from share capital, reducing its wage bill by over 15 percent, as well as receiving cash injections from the Exor — Juve’s holding company.
Just last season, Exor provided a $17 million cash boost against a potential future new share issue, in order to cover the cost of sacking Thiago Motta halfway through the campaign.
With a new-look sporting hierarchy eager to nurture youth, including the likes of Arsenal-linked Kenan Yildiz, the hope is that trimming a bloated wage bill and returning to the Champions League will help to reduce their debts.
The club aims to report net positive by the end of next season, so expect there to be at least several significant sales this summer, should important bids arrive for the likes of Dusan Vlahovic and Douglas Luiz.
According to anonymous betting sites, Juve have dropped down to fourth favorites for the Scudetto next season as they wrestle to stay competitive.
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Inter Milan $473 Million
Inter Milan’s accounting has been under heavy scrutiny this month, after a London-based financial advisor, hired by an interested buyer, uncovered a web of supposed fictitious sponsorship revenue, as well as institutional cover-ups.
Should these accusations prove concrete, it could well be the biggest scandal in Italian soccer since Calciopoli in 2006, where Juventus were stripped of their titles and relegated to Serie B.
On a completely separate note, Inter Milan’s financial health has deteriorated to a worrying point, which could explain why their former owners have been accused of creating fake financial reports, to use as a smoke screen for ugly truths about their short-term future.
Their overall net financial debt structure includes a bond set to mature in 2027, which carries a burdensome 6.75% interest rate.
Years of gross mismanagement, ballooning player wages and unsustainable spending in the transfer market under former owners the Suning Holdings Group, ultimately led to them defaulting on a loan of nearly $400 million.
US-based asset management company Oaktree Capital, assumed control and have cultivated a more optimistic look for the future. This has been fuelled by vastly improved results on the pitch, including two Champions League finals and a Scudetto since their takeover.
They aim to report a $28 million profit in the current financial year, which comes after significant players sales in recent seasons, including the likes of Achraf Hakimi and Romelu Lukaku.
However, Inter’s outstanding payables are still bubbling under the surface, with mounting yearly interest payments on loans increasing to $40 million. Combined with a sizeable debt bond, they may be forced to refinance them in the near future.
Despite overwhelming success on the pitch in recent years, now-ex-manager Simone Inzaghi had been forced to maximize an ageing, cut-price squad, with the club operating on the breadline.
With the club unable to give him guarantees in the transfer market next season, it is believed to be one of the reasons he accepted a $105m contract to become Al-Hilal manager.
