Revenues are the real difference between Roma and Juventus

Financial data - Stock market

Although Roma is trying hard to reach the glory the real difference between Roma and Juventus is revenue.

We cannot blame those who believe that football must be analyzed by just evaluating the performances of the players and coaches on the pitch not taking into account the economic factors, however, the reality is different. Undoubtedly, a great play can change the outcome of a match and the unbelievable dedication of a group of players can make a difference but these situations are sporadic and sometimes we label them as sports miracles.

Nowadays, football has changed. It became a business made of financial statements, sponsorship deals, marketing strategies and so much more, therefore, it is still a sport played 11 vs 11 but in which the economic factors definitely are pivotal and make the difference.

The real difference between Roma and Juventus – Revenue

Recently, those who like numbers and financial statements had the pleasure to read the half-year economic performances of the teams that are quoted in the stock market. AS Roma’s 2016 half-year financial statement clearly highlighted that the club is still trying to balance its economic flows. What I want to do today is to analyze a few numerical factors by comparing them to Juventus’ economic data reported in the annual financial statement of the Black-and White of Turin.

Revenue from stadium   

AS Roma seriously suffered from the clash that its supporters had with the Italian institutions. The barriers built in the Curva Sud turned the fans away from the Olimpico stadium and this is the reason why the revenue collected from the stadium in the first six months are only €19 million compared to €32.5 mln of the previous year.

2015/16 AS Roma half-year financial statement
2015/16 AS Roma half-year financial statement

Thanks to the great turnout at the Juventus stadium, Agnelli’s group collected €43.7 million compared to €51.3 mln of the previous year. The slight decline was due to the fewer UEFA Champions League matches played at home.

2015/16 Juventus income statement
2015/16 Juventus income statement – by

Revenue from sponsorship

AS Roma must seriously improve the revenue from sponsorship. The actual data are alarming. In the first six months of 2016, the club of Trigoria cashed in a mere €2.5 million, practically matching the amount collected one year before. This is clearly an aspect that is penalizing the giallorossi and the reason why James Pallotta has recently fired the head of marketing Laurent Colette who was unable to find a main sponsor willing to commit to the naming rights of the Stadio della Roma and to provide between €15-18 million to AS Roma.

Juventus is performing so much better. The revenue from sponsorship and advertising highlighted a whopping €70 million, €16 mln more than the previous year closed at €53.2 mln. Juventus’ boost in revenue was mainly due to the FCA Italy and Adidas sponsorship contracts which came into effect on July 1st, 2015.

Revenue from TV rights

This is the AS Roma sore point. The unfortunate elimination at the preliminary stage of the 2016-17 UEFA Champions League changed the overall financial outcome of the club. It is well-known that the participation in this international competition brings immense revenues to the clubs and by analyzing the financial statement of the giallorossi we can definitely say that the loss of profit is alarming. On December 31st, 2016 the AS Roma revenue from TV rights was €53.3 million, a sharp decline from the previous year (€68.5 mln).

Juventus benefited from its great performances in the UEFA Champions League. In fact, Agnelli’s group collected €194.9 million, almost the same amount cashed in one year before (€197.2 mln). The breakdown of the TV rights revenue that Juventus collected is as follows:

  • Revenues from media rights: €116.6 mln;
  • Revenues from UEFA competitions: €75.5 mln;
  • Revenues from production and access to the media signal: €2.7 mln.
  • TOT:  €194.9 million

Revenue from merchandising 

Even on this particular aspect, it seems to be clear that AS Roma and Juventus are living in two different realities. The higher global appeal of the Black-and White of Turin allowed Juventus to collect €13.5 million from sales of products and licenses.

The AS Roma American management with James Pallotta as the main leader is trying hard to expand the brand worldwide.

ASRoma360 wrote about the possibility for the club to take advantage of the Patent Box tax brakes here.

The Bostonian investor and his collaborators know that this is another key point that would allow the giallorossi to cash in important revenue. So far, though, the situation is still under construction. On December 31st, 2016, the AS Roma revenue from merchandising was just €3.5 million, a value that matched that recorded the same day of 2015.

Operative revenues

The overall operative revenues of the two clubs under observation are there to highlight the tough battle that James Pallotta has to face to catch and overtake Juventus as the leader of the Italian Serie A. The difference in operating revenue is simply unbelievable. On December 31st, 2016, AS Roma collected €88.6 million while last year Juventus cashed in €387.9 mln.

AS Roma Half-Year Financial Statement 2016
AS Roma Half-Year Financial Statement 2016
Juventus revenues breakdown
2015/16 Juventus revenues breakdown – Chart by


The real difference between Roma and Juventus is revenue. The data highlighted above can explain the reasons why James Pallotta is pushing hard for the construction of the Stadio della Roma and the reasons why the agreement that recently the club sealed with the Municipality of Rome is so important.

ASRoma360 wrote about this important topic here!

The difference in the performances on the pitch among the giallorossi and the bianconeri are mainly due to the relevant economic factors mentioned in the financial statements released by both clubs. Nowadays, the economic factors change the cards on the table and, most of the time, the dedication, and passion that a group of players put on the pitch cannot change the outcome of a season. As showed off in this financial review, Juventus is a club that in this historical moment is far ahead from the giallorossi, a company that makes around €200 million per year more in revenues.

ASRoma360 analyzed the AS Roma’s tough economic battle to compete and win here.

AS Roma will have a bright future when James Pallotta will be able to build the stadium and increase the overall revenues of the club.




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About Stefano Bernardini 3918 Articles
A Roman between New York, Philadelphia, and Rome achieving his dreams. Persistence can make extraordinary things happen. Editor of AS ROMA 360 | Collaborated with & Calcio e Finanza | Reported on Major League Soccer | Featured on Bleacher Report & OneFootball EN.

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