MILAN, July 18 (Reuters) - A new survey of the finances of Italian football has revealed heavy losses and spiralling costs across all levels of the game.
The survey published by leading Italian financial newspaper Il Sole 24 Ore on Thursday showed Serie A clubs made a combined operating loss of £450million for the 2000-01 season.
The combined net loss for Italy's top flight clubs was reported as £85m. Italy's four professional divisions racked up a total loss of £800m, the report said.
Spending on players wages in Serie A has doubled in the past four years and that appeared to be at the heart of the financial crisis in what was among the wealthiest leagues in the world.
Parma spent 10.3 per cent more than their overall turnover on players' wages alone in the 2000-01 season, while clubs such as Inter Milan and Lazio spent over 80 per cent of turnover on salaries, the Il Sole survey found.
The situation was even more dramatic in the second division, Serie B, where Ternana spent 183.1 per cent of turnover on wages.
The cash crisis has led to one of the quietest close season transfer markets of recent years with most clubs limiting themselves to swap deals and free transfers rather than the record-breaking deals of recent years.
But while that may help to reduce short-term costs, the reluctance of clubs to spend big money on top players could also reduce the value of key assets and limit the possibility for clubs to sell their way out of trouble.
Three of the best paid players in Italy - the Inter Milan trio of Brazilian World Cup winner Ronaldo, Italy striker Christian Vieri and Uruguayan international Alvaro Recoba - volunteered for a five to 10 percent pay cut recently.
The move came after details of their salaries - all reported to be in the 4-5 million euro per year range - were reported in the media.
Three of Italy's leading teams, Turin club Juventus and Rome pair Lazio and AS Roma, are quoted on the Milan bourse.
The survey published by leading Italian financial newspaper Il Sole 24 Ore on Thursday showed Serie A clubs made a combined operating loss of £450million for the 2000-01 season.
The combined net loss for Italy's top flight clubs was reported as £85m. Italy's four professional divisions racked up a total loss of £800m, the report said.
Spending on players wages in Serie A has doubled in the past four years and that appeared to be at the heart of the financial crisis in what was among the wealthiest leagues in the world.
Parma spent 10.3 per cent more than their overall turnover on players' wages alone in the 2000-01 season, while clubs such as Inter Milan and Lazio spent over 80 per cent of turnover on salaries, the Il Sole survey found.
The situation was even more dramatic in the second division, Serie B, where Ternana spent 183.1 per cent of turnover on wages.
The cash crisis has led to one of the quietest close season transfer markets of recent years with most clubs limiting themselves to swap deals and free transfers rather than the record-breaking deals of recent years.
But while that may help to reduce short-term costs, the reluctance of clubs to spend big money on top players could also reduce the value of key assets and limit the possibility for clubs to sell their way out of trouble.
Three of the best paid players in Italy - the Inter Milan trio of Brazilian World Cup winner Ronaldo, Italy striker Christian Vieri and Uruguayan international Alvaro Recoba - volunteered for a five to 10 percent pay cut recently.
The move came after details of their salaries - all reported to be in the 4-5 million euro per year range - were reported in the media.
Three of Italy's leading teams, Turin club Juventus and Rome pair Lazio and AS Roma, are quoted on the Milan bourse.
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