Inter and Milan leave their UEFA agreement; Roma face a €6 million fine
UEFA has released the final assessment of the clubs that signed financial regularisation agreements in 2022, after the losses accumulated during the pandemic. The result is uneven: Inter Milan and AC Milan met the targets and are free of the restrictions. Roma did not. The club from the capital remains under supervision and will have to pay €6 million in fines.
How it all started: the pandemic and the 2022 agreements
In the summer of 2022, European football still carried the financial scars of COVID-19. Closed gates, wiped-out revenues and intact wage bills created historic deficits at several clubs. Inter, Milan and Roma accumulated combined losses of more than €1 billion in the 2019-2022 triennium – around €500 million for the Nerazzurra alone, more than €350 million each for the Rossoneri and the Giallorossi.
To avoid immediate sanctions, the three Italian clubs signed agreements with Nyon. The idea was twofold: a gradual recovery plan and an adaptation to the rule that requires the ratio between squad costs and revenues not to exceed 70%.
Inter and Milan: different paths, same destination
Three years later, the two Milanese sides leave the agreement with their heads held high. Inter took a longer road, but got there. After posting a loss of €85 million in 2022-23 and €36 million in 2023-24, the club closed 2024-25 with a profit of €35 million – the first positive result in recent years, driven by the campaigns in the Champions League final and the Club World Cup.
Milan were even more consistent: three consecutive financial years in the black, albeit modest – €6 million, €4 million and €3 million respectively. Discreet figures, but enough to meet UEFA’s requirements without stumbling.
In practice, leaving the agreement means operational freedom. The two clubs are no longer subject to rigid intermediate targets and no longer risk the automatic sanctions provided for those who breach the terms – among them, transfer bans. Inter, in particular, now have more comfort, while Milan still feel the loss of revenue caused by a second consecutive season out of the Champions League.
Roma: a fine, debts and pressure until June
The scenario for Roma is different. The club remains bound to the agreement and accumulated losses of €238 million in the 2023-2025 triennium – a figure that reveals a structural imbalance still unresolved. The €6 million fine came in two parts: €2 million for failing to reach the intermediate target, and a further €4 million for exceeding the 70% limit on the ratio between squad costs and revenues.
The trend is one of improvement, but too slow for the European body’s criteria. The club will remain monitored during the 2026-27 season, and the financial balance dated 30 June will be decisive. To close the accounts within the limits, the Roman board will need to generate significant capital gains from player sales before the end of the financial year. Short time. Narrow margin.
