More than just trophy assets

摘要

For all their fans' passion, Italian football clubs struggle to make profits. In the 1990s Italy's Serie a was the most glamorous and high-profile of Europe's five main football leagues; it has since fallen, in revenue terms, from second to fourth place. In this year's Football Money League, published on January 22nd by Deloitte, a consulting firm, three of the four Italian clubs in the worldwide top 20 dropped at least one position. However, there are signs of a turnaround in the clubs' fortunes. Italy's league fell behind its peers partly because of the complacency of clubs' owners. Tycoons treated them as trophy assets more than businesses. The clubs suffered chronic losses and corruption scandals, and their stadiums were left to decay. But Italy's sustained economic downturn and the introduction by uefa, European football's governing body, of rules to stop clubs habitually spending more than they earn, have been among the main reasons why a number of clubs have changed hands. Foreign investors are trickling in.