Article by Riccardo Greco | Football Benchmark
As Paris Saint-Germain FC and FC Internazionale Milano meet in the 2025 UEFA Champions League Final, their confrontation is as much a tale of financial contrasts as it is a clash of elite footballing philosophies. Under the lights of Munich, the stage is set not just for a sporting spectacle, but for a deeper contest between two clubs shaped by distinct operating strategies, revenue models, and risk appetites—each having reached the pinnacle of European football by different routes.
The latest financial and non-financial figures for Paris Saint-Germain FC and FC Internazionale Milano reveal marked asymmetries in scale and structure between the two clubs. The following analysis explores the key contrasts while also placing the spotlight on future trajectories within a football industry in constant evolution.
The existing gap off the pitch: Operating revenue
Paris Saint-Germain reported €808 million in operating revenue for the 2023/24 season, driven by €460 million in commercial and other income — notably boosted by extraordinary revenue from Ligue 1’s deal with CVC. This figure dwarfs Inter’s €399 million, of which only €148 million came from commercial operations. PSG’s commercial might—built on global brand leverage and Qatari state-aligned sponsorships—continues to underpin its expansive business model.
In terms of matchday revenue, Inter generated €75 million in 2023/24 (19% of total operating revenue), recording a post-pandemic recovery that reflects strong fan support and sustained sporting competitiveness. PSG, meanwhile, despite playing in a stadium significantly smaller (by around 27,000 seats compared to San Siro), reported €170 million from matchday activities, accounting for 21% of their operating revenue, supported also by premium ticketing strategies at the Parc des Princes. It is worth noting that both clubs are exploring plans for renovated home venues, though timelines remain uncertain. As such, this revenue stream presents long-term upside potential once infrastructural ambitions materialise.
Broadcasting revenues (including UEFA) tell a more challenging story. In 2023/24, Inter earned €176 million, while PSG posted a comparable figure of €178 million, reflecting consistent European participation. These numbers emerge within a shifting landscape, where broadcasting rights, historically the primary engine of operating income for football clubs, are showing signs of plateauing at league level across the industry. In Ligue 1’s case, the situation is particularly acute: the current rightsholder, DAZN, has moved to terminate its contract with the league prematurely, and the league is yet to find a broadcasting solution for the upcoming season.
Cost discipline and wage pressures
Inter’s total squad cost (defined as the sum of total staff costs, amortization and impairment of players’ registrations) stood at €309 million for the 2023/24 season, with €227 million allocated to total staff costs. This marks a 15% reduction from their recent peak in 2021/22, reflecting a path towards a more disciplined financial posture.
PSG, by contrast, continue to operate at a far larger scale. The Parisian club reported total squad cost of €790 million—almost offsetting their operating revenue base—with €659 million directed toward staff costs alone, nearly triple Inter’s outlay. Even following the departures of high-earning players, PSG’s wage structure underscores a sustained commitment to attracting and retaining world-class talent at a premium.
Despite a revamped competitiveness and a substantial revenue gap with PSG, Inter maintained a sustainable staff costs to revenue ratio of 57% in 2023/24—down from 77% in 2021/22. While still above recommended thresholds, PSG, too, recorded an improvement, reducing the same ratio to 82% in 2023/24, marking a notable shift from the 109% peak recorded in 2021/22.
Profitability: Still in the red
Despite improved revenues and tighter cost controls, both clubs remain in the red. Inter posted a loss before tax of €27 million for the 2023/24 season. Yet this figure represents a meaningful step toward break-even, following a marked improvement from pandemic-era pre-tax deficits, most notably the €239 million loss recorded in 2020/21. The club’s trajectory is buoyed not only by its successful sporting performance in the short-term, but also by long-term prospects tied to strengthening the Inter brand globally, and the ongoing discussions around a new or renovated home stadium.
PSG, meanwhile, reported a €56 million loss before tax in 2023/24. While significantly reduced from their peak pandemic loss of €375 million in 2021/22, the figure highlights the structural challenges of maintaining profitability within a high-expenditure framework.
These advances reflect a broader shift within the football industry, where top clubs are increasingly aligning with sustainability principles—driven by more rigorous domestic and UEFA Financial Sustainability Regulations. Thanks to their successful UCL campaigns and the prize money associated with participation in the new FIFA Club World Cup, both clubs are expected to see their bottom line being positively impacted. Inter, in particular, is projected to be in the black by the end of the 2024/25 season.
Transfer market approach and squad value: Strategic divergence
Inter, under financial pressure in the years following the pandemic, maintained a cautious approach to the transfer market. The strategy has included selling high-value players (e.g.: Lukaku, Hakimi, Onana) and reinvesting modestly, but above all wisely. PSG’s model, meanwhile, was centered on continued investment—acquiring marquee players to maintain competitiveness and commercial appeal. However, under the leadership of Luis Enrique, the club’s trajectory has begun to shift. A renewed focus on emerging talent and a playing philosophy designed to maximise their development mark a potential inflection point in PSG’s strategy.
Between 2021/22 season and the current season, the two clubs followed opposing trajectories in their transfer activity, with the transfer balance highlighting a stark contrast. PSG recorded a net spend exceeding half a billion euros, driven by €932 million in transfer expenditure over the period. Inter, by comparison, posted a positive transfer balance of €116 million, acting mostly as a “net seller” in an era of financial recalibration.
According to the latest valuation of the Football Benchmark Player Valuation platform, PSG’s squad is estimated at over €1.03 billion—ranking fifth among European clubs—even after high-profile exits such as Kylian Mbappé and Neymar. The impact of these departures has been partially offset by targeted acquisitions, including the €70 million signing of Khvicha Kvaratskhelia during the latest winter transfer window, among others.
Inter’s squad, by contrast, is valued at approximately €691 million. While considerably lower, this marks a steady rise—up 19% since 2022/23—driven by sporting performance and disciplined reinvestment. The €335 million gap in valuation reflects broader financial disparities, yet masks a shrinking divide in on-field competitiveness.
Contrasting ownership profiles
Inter have recently undergone a significant shift in ownership, a development expected to shape the club’s strategic direction in the years ahead. In 2024, US-based Oaktree Capital assumed control of the club following the expiration of a €395 million loan extended to the previous owner, Suning Group. As pointed out in a previous Football Benchmark publication, the Suning era was marked by surging revenues accompanied by escalating costs till at least the 2019/20—an ambitious model that proved financially unsustainable in the wake of the pandemic.
Under Oaktree, Inter have been pursuing a strategy centered on cost discipline, financial restructuring, and long-term asset appreciation. The shift marks the increasing footprint of US private capital in European football, replacing ambitious but debt-laden foreign ownership with a more return-oriented approach.
Owned by Qatar Sports Investments (QSI) since 2011, Paris Saint-Germain remain a pillar of the country’s soft power strategy. This backing has provided PSG with access to capital and sponsorship terms unavailable to most European peers—though not without scrutiny from UEFA regulators and financial frameworks.
Implications of a high-stakes Final
The 2025 UEFA Champions League Final is more than a contest for silverware—it is a meeting point of football’s different financial identities. Inter, reshaped under the stewardship of a US investment fund, exemplify the rise of efficiency-oriented strategy, where cost control, asset discipline and sustainable growth guide decision-making. Paris Saint-Germain, in contrast, remain emblematic of state-backed ambition, leveraging financial firepower and global branding to stay at the top of European football, within the context of a football framework with increasingly stringent financial regulations.
For Inter, set to play their second UCL Final in three years, the match represents the culmination of a strategy, guided by Giuseppe Marotta’s wise leadership since 2019, that has aimed to bridge financial gaps through sporting competitiveness and astute player trading activities.
PSG seek continental validation for its decade-long strategy of top-heavy investment, in this second chance in a UEFA Champions League Final following the defeat against FC Bayern München in 2020.
Overall, the 2025 UCL Final highlights the range of pathways to elite performance in modern football. For investors, regulators, and fans alike, Inter v. PSG offers a revealing snapshot of the game’s evolving economics—where ambition is expressed not only in financial figures, but ultimately, on the pitch.
