The Fiorentina achieved record operational revenues but ended the 2023 financial year with a deficit of 19 million euros.

Without profits from player transfers, the Viola club reported a loss for the accounting year ending on June 30, 2023.

The Viola club announced that operational revenues, excluding player transactions, reached an unprecedented level of 147.9 million euros, marking a 33% increase from the previous year’s 111.1 million. This was stated in an official statement by ACF Fiorentina.

The revenue growth stemmed from increased Serie A television rights, sponsorships, advertising, ticket sales, as well as income from the UEFA Conference League and Coppa Italia finals.

However, total revenues, including those from player transactions, decreased to 159.6 million euros from the previous year’s 233.2 million, mainly due to lower earnings from player sales, which dropped to 7.7 million euros from the prior year’s 114.1 million.

Regarding costs, excluding amortization, they increased to 118.7 million euros from the previous year’s 105.9 million, primarily due to rising personnel expenses, which climbed to 86.7 million euros from 80.9 million, mainly attributed to higher salaries for the men’s first team, and increased service costs, rising to 27.5 million euros from 21.9 million.

The earnings before interest, taxes, depreciation, and amortization (EBITDA), excluding profits from player transactions, rose to 29.1 million euros from the prior year’s 5.2 million. Depreciation increased to 55.8 million euros from 46.9 million, mainly due to multi-year player performance rights and intangible assets.

The financial year recorded a net loss of 19.5 million euros, compared to a net profit of 46.8 million in the previous year, which had benefited from profits derived from player transfers.

The company stated that as of June 30, 2023, Fiorentina’s balance sheet shows total assets of 414.4 million euros, without financial debts to credit institutions or other entities, and a total net worth of 293.1 million euros, demonstrating a solid capitalization of the club.