Sport and governance

Italian football caught between financial instability and mafia infiltration: 49 clubs that have gone bankrupt multiple times

The first annual report by the Independent Commission for the Assessment of the Economic and Financial Sustainability of Professional Sports Clubs has been presented to the House of Commons

by Marco Bellinazzo

23 September 2026

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Serie C, Union Brescia vs Ascoli. 3 Giugno 2026 (Foto Nelson Hasanpapaj/LaPresse)

3' min read

Translated by AI

Versione italiana

3' min read

Translated by AI

Versione italiana

There is one statistic that, more than any other, illustrates the structural fragility of Italian professional football. It does not concern aggregate losses (which have exceeded 9 billion euros over the last twenty years) or the clubs’ total debt (over 5.5 billion). Rather, it concerns the persistence of crises. Over the last forty years, in fact, as many as 49 professional clubs have gone bankrupt between two and six times, trapped in a spiral of financial collapse, re-establishment, promotion and fresh financial crises.

It is one of the most significant passages in the first Annual Report of the Independent Commission for the Verification of the Economic and Financial Balance of Professional Sports Clubs, which has been in office since October 2025, and which was presented to the Chamber of Deputies on 23 September by its chairman, Massimiliano Atelli.

The phenomenon of bankruptcies

The figures illustrate the scale of the phenomenon. Between the 1986–87 and 2025–26 seasons, there were 218 cases involving clubs that were not admitted to the leagues, withdrew their registration or were excluded whilst the competition was in progress (9). Of these, 200 involved Serie C, accounting for 91.7 per cent of the total.

Even more striking is the rate of recurrence. During the period under review, 49 clubs were disbanded between 2 and 6 times, in a continuous cycle of relegation, bankruptcies, revivals facilitated by football association regulations, promotion, and further bankruptcies. Of these 49 clubs, 19 have experienced between 3 and 4 such episodes, ranging up to 5 cases for Varese, Campobasso and Potenza, and 6 for Sambenedettese and Taranto.

It is against this backdrop of chronic economic weakness that the risk of criminal infiltration is growing. In his report, Atelli highlights situations in which the financial instability of clubs can become a vulnerability that attracts individuals keen to use football as a means of gaining economic and social influence. The president himself points out how recurring financial crises, ad hoc recapitalisations and last-minute bail-outs sometimes end up requiring the intervention of the state judicial authorities and the National Anti-Mafia Directorate.

Criminal infiltration

In recent years, cases such as those involving Crotone, Foggia and Juve Stabia – which have been placed under judicial administration – have demonstrated that this is not merely a sporting issue, but one that directly affects the legality and financial stability of the sector. In such situations, the financial fragility of clubs can provide fertile ground for shady dealings, opaque changes of ownership and attempts at external influence.

Hence the call made by the Commission’s Chair to strengthen the tools available to the Authority. The aim is to move definitively beyond the model inherited from the former federal commissions and to enable more effective and timely action in critical situations that may affect not only the financial stability of companies, but also issues of legality and transparency.

The Commission’s work

In its first year of operation, the Commission carried out a tremendous amount of work. Between 1 October 2025 and 31 August 2026, a total of 1,558 periodic mid-year checks were carried out (1,451 relating to football and 107 to basketball) and 1,130 checks on eligibility requirements (981/149) in the run-up to the 2026/2027 season, bringing the total number of compliance checks to 2,688 (2,432 relating to football and 256 to basketball). During the course of these inspections, breaches were identified and summarised in 20 opinions issued by the Board (15 relating to the FIGC and 5 to the FIP), issued during the 26 meetings held, an average of more than two per month, including the two meetings in August.

The most serious issues last season occurred in Serie C, with the cases involving Rimini, which went into administration and was excluded from the league (the eighth such case in the last 10 years); Ternana, which went into administration at the end of the season; Triestina, Trapani 1905 and Siracusa, who were penalised for failing to meet the obligations set out in the federation’s regulations and subsequently relegated. In basketball, Trapani Shark were excluded for ‘blatant distortion of competitive equality’.

Finally, within the scope of its advisory powers, two ex officio opinions were issued. The Commission sought to draw the attention of the Government and Parliament to the issue of the lack of mechanisms to verify the allocation of public funds for the development of footballers and to the limitations of the current financial indicators, which, according to the Commission, do not provide sufficient guarantees that clubs admitted to competitions are also capable of seeing them through to the end.