Italy

Ownership and regulation

Clubs operate as S.p.A. (Societa per Azioni) or S.r.l. (Societa a responsabilita limitata). The FIGC's Commissione di Vigilanza sulle Societa di Calcio Professionistiche (COVISOC) oversees financial compliance and issues annual licenses. Ownership changes require FIGC approval, including proof of financial capacity. Italy's system has historically been permissive on entry but strict on ongoing capital requirements.

No restrictions on foreign nationality. Italy has the highest rate of US institutional ownership of any European league. As of 2024, US-linked groups control AC Milan, AS Roma, Fiorentina, Genoa, Parma, and Atalanta (minority).

Governing body: Federazione Italiana Giuoco Calcio (FIGC), Lega Serie A

Tax and legal structure

IRES (corporate tax) at 24% plus IRAP (regional production tax) at ~3.9%, for an effective combined rate of ~28%. The Decreto Crescita tax regime, which halved the taxable income of players and staff relocating to Italy, expired at the end of 2023 and was not renewed. Transfer amortisation follows Italian GAAP (OIC), not IFRS, which historically allowed more aggressive write-down schedules.

Valuations

Serie A mid-table: £100M-£500M. Serie A lower table: £50M-£150M. Serie B: £10M-£60M.

Recent deals

RedBird Capital acquired AC Milan for ~EUR 1.2B (2022). Oaktree Capital took control of Inter Milan after enforcing a ~EUR 400M pledge from former owner Suning (2024). The Friedkin Group acquired AS Roma for ~EUR 600M (2020).

Entry points

Serie B is the most liquid market, with clubs available at £10M-£60M. Nearly all Italian stadiums are municipally owned, so the investment is in the sporting license and operations, not real estate. Promotion to Serie A roughly triples broadcast income.

Our view

Italy has had more club transactions than any other European market since 2018. The opportunity is real, but so is the operational complexity. Municipal stadium leases mean you do not own your primary asset, and renegotiating terms with Italian local government is slow. The Decreto Crescita expiry removed a major financial advantage for attracting players. Serie B is where the math works best: low entry cost, meaningful promotion upside, and a growing number of US-operated clubs raising the operational baseline. The risk is that Italian football's cost structure (agent fees, signing bonuses, wage expectations) consistently exceeds what the revenue base supports.

For comparison, see our guides to England, Spain, and Germany.

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