Lazio can't count on the ticket revenue, and Lazio can't get much of the revenue from the operation of the stadium, and they have to constantly pay for the maintenance of the stadium.

That's why most of the Serie A stadiums are in tatters. Even a football temple like the San Siro Stadium has rotten turf like a vegetable patch.

Italy has 129 large football stadiums, but only three meet international standards......

Poor Italy hasn't hosted an international tournament for many years, and the dilapidated stadiums are one of the main reasons.

Because the stadium does not belong to the club, then the club has no incentive or reason to pay for the renovation of the stadium. As a result, the course can only gradually age and decay year after year.

Even when Italy introduced the Pisanu Act, the city government asked the club to repair the stadium in accordance with the law, but the club ignored it.

For example, the refusal of the Udinese club to pay for the renovation of the stadium led the Udinese City Council to increase the rent of the Friuli Stadium from 100,000 euros to 420,000 euros.

In terms of stadium revenue, Lazio only had 19 million euros in three seasons.

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Chest advertising for jerseys and jersey sponsors are also sources of revenue.

But in Lazio, this is not so obvious.

Because these sponsors decide the amount of sponsorship based on the team's performance.

Lazio's results in the previous years were not very good, so the sponsorship costs in those years were low.

For the past three years, Puma has spent 2.8 million euros a year on Lazio, plus 1,000 sets of competition and training uniforms, and more than this figure will have to be bought by the Lazio club and the players themselves.

Although Lazio renewed their four-year shirt sponsorship contract with Puma in January, raising the sponsorship fee to four million euros per year, the new contract will not take effect until next season.

Compared with Juventus and Milan's annual sponsorship fees of tens of millions. Lazio is so poor......

In addition, in terms of chest advertising on the jersey, 20052006 at the beginning of the season, Lazio's jersey was in a state of naked running, because no chest advertising sponsor was found. It wasn't until October that the Italian insurance company INA sponsored Lazio for 3.1 million euros a year. for a period of two years.

20072008 before the season. When the contract with INA expired, Lazio never found a suitable chest advertising sponsorship and had to start running naked. The reason why he couldn't find a suitable sponsor for the chest advertising was that Lotito's asking price was too high, and he asked for a minimum of 6 million euros a year.

He thinks Rome has fallen into such a state that it can still get six million euros a year in sponsorship from the Italian company Wind Telecom. Why is Lazio only able to accept four or five million sponsorship contracts?

The companies that were interested in Lazio's chest advertisements couldn't meet his requirements, and the big companies that could meet his requirements looked down on Lazio, who knew that Lazio would win the league and the Champions League this season......

The companies are now repentant, but that's okay, they're already flocking to Lotito's office to sign the chest ad for the start of the new season.

Only this time. They don't want to get this position for six million euros. The team's results are outstanding, and Lotito naturally has to go with the market and increase the price!

For most of the 20072008 season, the Lazio club's jersey was streaking, with no chest advertising.

During this time, Lotito approached European construction giant Edileurop and signed a short-term sponsorship contract for four games......

The first two years of advertising on the chest cost 6.2 million euros. And the third season is almost equal to zero. How much can a sponsorship deal for four games have? Almost negligible.

As for the income from the sale of jerseys, the Lazio club is even less.

Because the Lazio club has a bloodsucking bug.

That is the extremist fan group "Unteachables". They were two years earlier. Taking advantage of the turmoil of the Lazio club and the anarchic chaos of the market business development, it signed a jersey distribution agreement with Puma, so a part of the jersey sales revenue does not belong to the Lazio club, but belongs to the "unteachable" organization.

This is probably one of the reasons why Lotito and the Unteachable are enemies!

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After saying these small heads, it is the turn of the big heads.

The lion's share of the income of Italian football clubs is television fees.

Because the stadium belongs to the city hall as mentioned earlier. Matchday income is minimal, so television has become an important source of income for the club.

In the Premier League, TV broadcasts account for 28 per cent of a club's total revenue, while in Serie A, the figure is as high as 55 per cent!

Thus. Serie A clubs' dependence on TV revenues.

However, Italy's TV broadcast revenue distribution scheme is very ...... Inhumane.

Unlike the Premier League, which sells TV rights as a whole, Serie A is where each club goes to the TV broadcast agency to sign a contract.

In this way, those giants with large numbers of fans, good results, and glorious history will naturally get a big piece of the pie, and their TV broadcast fee income is often six or seven times that of the downstream teams.

Lazio are not part of the top three in the north, and their results were up and down before the current broadcast contract was signed, so Lazio has earned only 34 million euros in television in each of the last three seasons.

Although a new agreement for the sale of broadcasting rights was reached at the end of last year, and the separately negotiated sale became a collective package sale, the new policy will not be implemented until 2009.

Until then, Lazio could only get a hard contract of 31 million euros a year.

The good news is that as Lazio's results improve, they will earn more in the future distribution of TV broadcast revenue.

However, due to the overall downturn in Serie A and the low sales of broadcast fees, this money is still not comparable to the teams in the Premier League and La Liga.

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For Lazio, in fact, the real bulk of the income is the transfer fee income from the sale of players.

Because they have a constant victory.

Buying low and selling high, Lazio, who are always winning, put this simple business principle to good use.

The main task of the perennial victory, which he took over in 2005, was the Great Purge, and many players were sold for free. Just to rebuild.

Coupled with Lazio's poor results, none of the players were sold for much money at the time.

The purge of the players at the time brought Lazio 18 million euros in transfer fee income.

But on the transfer, Lazio spent 16.4 million and actually earned only 1.6 million euros.

At the end of the 20052006 season, Lazio's main transfer job was to clean up the high-paid players left over from the previous period, which were due to high salaries. So basically, they can't afford to sell at a price.

However, because of Pandev and Odour, Lazio still received a transfer fee of 30.3 million euros in the transfer market.

In terms of buying players, Lazio spent 13.45 million.

The final profit was 16.85 million euros.

It is ten times more than the first year, which shows Changsheng's earning power in the transfer market.

In the summer of 2007, Lazio made a small move, selling only two men, both of whom were sold to Juventus. Although there are fewer people, the efficiency has increased. Because of the excellent results, Lazio's players can also be sold at a starting price.

Melo and Lichtsteiner brought Lazio €38 million in transfer fee income.

It's even more stingy when it comes to buying players. A belletti three and a half million euros. A Chiellini was an addition to Melo's transfer and didn't cost a penny.

This year, Lazio earned 34.5 million euros in the transfer market!

It's double that from last year.

And this year, 2008, Chang Sheng's ambition is even greater, and he wants to settle all his debts this summer!

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Because of Lazio's good results, prize money has also become one of the club's main sources of income.

Two league titles, two million euros.

20052006 season. Lazio won the UEFA Cup, and the prize money plus the broadcast fee share added up to 3.3 million euros, which is compared to the Champions League. That's how pitiful the League Cup is. So UEFA will find a way to change the UEFA Cup and repackage it into the Europa League.

20062007 season, Lazio was ready to play in the Champions League and their earnings began to surge. This season, because I finally reached the quarterfinals. Lazio received 25 million euros in prize money and a share of the broadcast fee.

And the season that has just ended 20072008 is even more incredible.

Lazio won the Champions League and received a total of 60 million in TV broadcast revenue and prize money!

As for the revenue from home game tickets, the majority is still given to the city government, and the rest is the club's own. It's all included in the earnings.

Basically, that's what Lazio FC earns.

Three seasons, a total of 305.35 million euros.

An average of 100 million a year.

Sounds like a lot, right?

But...... Don't forget, we still have unaccounted for expenses.

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Generally, the team's expenses are mainly personnel salaries and transfer fees, and the rest are small.

The transfer fee has already been calculated before, and in the income figure, it is already the figure after deducting expenses, so it will not be counted repeatedly.

Talk about the player's salary.

Lazio's first team has remained at 23 in recent seasons. The maximum salary is two million. The minimum wage is 250,000 euros a year, and this "honor" belongs to Kolarov.

In addition, no one's salary is fixed, and there are clauses that increase with the number of years, such as an increase of 5 to 10 percent a year. In addition, there are various bonuses, so when you calculate it, Lazio will have to pay 23 million euros a year just for the player's salary.

That may not seem like a lot, but the wage bill of a giant like AC Milan is 165 million euros.

Note, however, that this figure for Lazio is an annual salary after tax.

The club has to pay the personal income tax of the players, so the actual expenditure is much higher than this figure.

The player's personal income tax plus the characteristic tax is a total of 48 percent, so just in terms of player salary expenses, Lazio has to give 44.23 million euros a year.

Add to that the insurance premium, which is similar to that of Chinese social security, which we mentioned in the previous chapter, and Lazio has to pay 6.19 million euros a year.

That adds up to five thousand and four hundred and twenty-two.

On average, Lazio earns an average of 100 million euros a year. Salary expenses alone account for 50 percent of total income.

In fact, this ratio and number are considered low. You must know that when Lotito first took over, Lazio's annual salary expenditure was more than 70 million euros.

Five thousand and four hundred and twenty thousand in one year, and 151,260,000 euros in three years!

Wages alone have halved Lazio's income.

And that's just the wages of the first team, the reserves and youth teams also need money. Although Lazio have sold the academy in its entirety, they have also retained a reserve squad and a youth team.

Their salaries are not much, but they add up to two million euros a year. The pre-tax expenditure was 3.84 million euros. The sum of three years is 11,530,000.

Then there are the salaries of the staff, including the coaching staff and the club's staff, which average 6 million euros per year, plus taxes of about 9.5 million euros. That's 28 million euros in three years.

For the club to function properly, there are various expenses, and most of them are trivial money, such as the money to buy disposable paper cups and toilet paper...... That's about five million a year, and fifteen million in three years.

The maintenance of the Fermelo training base, Lotito is very picky. The budget was cut on all fronts, and in the end it was one million euros a year. Three million in three years.

Stadium rental, maintenance and security costs have already been deducted from the stadium revenue, so I won't talk about it here. However, it is also 2.5 million euros per year.

In addition, there are also the cost of transportation, accommodation and meals for each away game of the team, and miscellaneous expenses. Lotito is already considered economical, and Lazio go to play economy class when they go away...... In this way, there are more than three million euros spent every year, and more than nine million euros in three years.

In addition, there are all kinds of miscellaneous expenses, anyway, they are pieced together. Combined, the total expenditure for the three seasons is 217.79 million euros.

Total revenue minus total expenses. That's a net income of 87.56 million euros.

Three years of income is so much, and Lazio's debt is 140 million.

If you smash all the more than 80 million euros into it, you can also replace half of it, right?

Wait!

As a joint-stock limited company, Italian football clubs are required to pay corporate income tax according to regulations......

Although many clubs will use the means of making false accounts to evade taxes.

But Chang Sheng specifically told Lotito that in order to avoid being settled by the Italian prosecutor in the future, it is better to pay taxes honestly. Pay as much as you have due.

This is not Chang Sheng's alarmist rhetoric, deliberately scaring Lotito.

In fact, in 2013, the Italian police raided the offices of 41 clubs, including Juventus, AC Milan, Napoli, Inter Milan, Roma, and Lazio, targeting tax evasion.

Therefore, Lazio still pays corporate income tax in a regular manner.

The so-called enterprise income tax is the tax obtained after deducting reasonable personnel salaries, costs and expenses, and relevant taxes.

According to Italian law, the corporate income tax rate is 31.4 per cent.

As a result, Lazio's corporate income tax for the past three years totaled 27.49 million euros.

After deducting corporate income tax. The amount of money that Lazio actually has at its disposal is 60.7 million euros.

The 60 million euros can be used to pay off nearly half of the debt.

But it's not that simple.

Club Lazio is a public company and pays dividends to shareholders every year...... If all the money is used to pay off the debt, and not a penny is left, how will the dividend be distributed at the end of the year?

Therefore, only 40 million are really used to repay debts, and the remaining 20 million are used as working capital.

By the end of the 20072008 season, Lazio had already paid back 19.11 million, nearly 20 million. At the end of the season, another 20 million were replaced.

Now Lazio still owes a debt of 100 million.

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These are the past three seasons of Lazio's earnings and expenditures after taking charge of the team with regular wins.

It looks like a lot of income, but it's actually a lot of expenses.

There is also a corporate income tax of up to 31.4 percent.

As a result, Lazio's actual income is not as much as one might think.

Of course, things will get better. With the improvement of Lazio's results in these two seasons.

Their income will increase in all respects.

In the long term, the future of Lazio FC's debt repayment is bright.

But Chang Sheng couldn't wait so long.

He's going to pay off his debts now.

Because it's not just his players who can't stand the maximum annual salary limit of two million euros, he can't stand it either!

If the maximum salary cannot be raised, Lazio will not be able to attract more quality players to join.

It's hard to continue to be brilliant in that way.

He doesn't want his Lazio to be a shooting star, he wants to be a star! Like the nickname of the city in Rome.

He's going to make Lazio the star of the Eternal City!

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ps, I found that everyone was very concerned about Lazio's debt problem and club income and expenses during this time, so I will use this chapter to give you a brief introduction.

The actual situation is more complicated, for example, the transfer fee income is also taxed, but it is not a one-time tax, but the money is spread evenly over several years, and then the total annual income is used to calculate the corporate income tax...... For the sake of space, I will not go into details.

In short, you can learn about Lazio's income and expenditure in one chapter.

This is basically the case with Italian football clubs.

I hope this chapter can solve the puzzles of those who are entangled in debts and income and expenditure

(To be continued.) )