Chelsea have agreed a deal to sign Marco Palestra from Inter for a reported €55 million, with the player set to earn almost €6 million per year. The move comes after Inter had reached an agreement with Atalanta for Palestra, valuing the player at €50 million plus bonuses, and offering him a net salary of €2.5 million, with potential increases.
The transfer appears, on the surface, to be another example of the financial disparity between the Premier League and Serie A, with English clubs able to outspend their Italian counterparts. However, a closer look at the financial situations of both clubs reveals a more nuanced picture. Recent financial reports for the 2024-25 season show Chelsea’s revenue at €584 million, compared to Inter’s €546 million – a difference of just €38 million.
Where the gap widens significantly is in costs. Chelsea’s total expenditure on salaries and player amortization reached €680 million (€428 million on salaries and €252 million on amortization), while Inter’s combined costs were €314 million (€253 million on salaries and €61 million on amortization). This resulted in a €312 million loss for Chelsea and a historic €35 million profit for Inter. UEFA calculations, excluding intra-group transactions, put Chelsea’s pre-tax deficit even higher, at €407 million.
This raises questions about Chelsea’s ability to comply with UEFA’s Financial Fair Play regulations, particularly given they already signed a settlement agreement with UEFA last year. That agreement imposed strict targets, including a commitment to pay €20 million for failing to meet the “Football Earnings Rule” (a maximum loss of €60 million over three years) and €11 million for violating the “Squad Cost Ratio” (team costs within 70% of gross revenue). Chelsea previously utilized accounting maneuvers, such as the sale of its women’s team and hotels to affiliated companies, to artificially boost its financial position, moves UEFA largely disregards for FFP purposes.
The 2024-25 figures were also impacted by one-off costs like player write-downs and the UEFA fine. While player sales generated approximately €340 million in revenue for the 2025-26 season, the upcoming 2026-27 season will be impacted by the lack of Champions League revenue, as Chelsea finished tenth in the Premier League and did not qualify for European competition. The settlement agreement requires Chelsea to meet business plan projections in 2024-25, limit losses to €60 million in 2025-26, and achieve a balanced budget in 2026-27. Failure to comply could result in fines or even exclusion from UEFA competitions.
