Rome, December 23 – The independent commission tasked with monitoring the financial stability of professional football and basketball clubs has given Lazio the green light to operate without restrictions in the upcoming January transfer window. This decision, announced today, comes after a review of the club’s financial statements, confirming its compliance with the new regulations. Meanwhile, Napoli and Pisa have been informed that their January transfer activities will be restricted to a ‘zero-balance’ approach, meaning any new acquisitions must be offset by sales of equal value, unless they opt to inject additional liquidity.
Lazio’s Market Unlocked After Summer Freeze
Lazio’s ability to operate freely in the January market marks a significant shift following a period of restrictions during the summer transfer window. The club’s official statement emphasized the positive outcome: “S.S. Lazio can operate freely in the January market. We are entering a new phase of the season, promptly and responsibly evaluating every useful opportunity to strengthen the sporting project. Clear vision, constant work, and thoughtful choices: the Club continues its path with the aim of building value, respecting its identity and growth programs. An expected outcome, which confirms the solidity and stability of the Company. The future is built step by step.”
Napoli’s Paradoxical Situation and ‘Zero-Balance’ Operations
The decision has been met with a sense of paradox in Naples, according to Sky Sport’s Francesco Modugno. The club reportedly believes it possesses significant liquidity and, while it will respect the imposed constraints, does not agree with the regulations given its current financial standing. Consequently, Napoli’s January market will be characterized by limited autonomy, demanding creative solutions where every incoming player must be balanced by an outgoing player of equivalent value.
A ‘zero-balance’ transfer market dictates that a sports club must manage its buying and selling of players in such a way that the net financial impact on its balance sheet is zero or near-zero. This implies that any expenditure on new players must be directly compensated by income from player sales.
Pisa’s Proactive Steps and Potential for Unlocking Restrictions
Pisa, unlike Napoli, was reportedly not surprised by the commission’s decision. The club, which did not benefit from the ‘parachute payment’ typically granted to teams relegated from Serie A to Serie B, has been proactive in addressing its financial situation. According to sources, Pisa began its financial restructuring in early December and is confident it can operate without constraints in the January market. Both Napoli and Pisa have the option to unlock their transfer activities by either a capital increase or the inclusion of future enforceable credits, as stipulated by the Noif (Norme Organizzative Interne Federali) regulations.
The Role of the Independent Commission and ‘Expanded Labor Cost’
The independent commission, which became operational after the summer, has replaced an internal FIGC (Italian Football Federation) committee. Previously, the FIGC committee assessed clubs based on three indices: liquidity, indebtedness, and expanded labor cost. The new government-appointed independent commission, however, focuses on a single criterion, aligning with UEFA’s standards: the expanded labor cost. To comply with regulations, clubs must ensure their expanded labor cost does not exceed 80% of their revenues.
The ‘expanded labor cost’ encompasses all expenses incurred by a club to maintain and develop its team. This includes gross salaries and wages of the squad (players, coaches, technical directors, athletic trainers), social security contributions, bonuses, agent fees, and amortization of player registration rights. Notably, administrative costs, general operating expenses, infrastructure investments, and financial charges are excluded. Recent modifications by the FIGC also aim to exclude investments in Under 23 players to incentivize youth development.
The Como club successfully met the commission’s parameters at the last minute through a capital increase by its ownership, demonstrating a viable path for clubs facing similar financial scrutiny.
Source: https://sport.sky.it/calcio/serie-a/2025/12/23/mercato-bilanci-napoli-lazio-pisa-commissione-news
