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39°12′ N 9°08′ E

Cagliari

Tier 1Serie ACagliari, Sardegna, ItalyOn the globe

Founded
1920
Ground
Unipol Domus16,416 seats · opened 2017
Full name
Cagliari Calcio
Website
cagliaricalcio.com

Who owns Cagliari

Tommaso Giulini's Fluorsid Group holds about 55% of Cagliari Calcio; Cagliari 1920 LP, led by Maurizio Fiori, holds about 45% and has an option structure to rise to 80–90% (the 'third closing', due by 31 May 2026), whose outcome is not yet reported.

Owned by investorsOwner based at home: Italy

As of March 2026Medium confidenceSources: Calcio e Finanza, Calcio e Finanza

From the pitch to the top

The company that fields the team, then each holder above it.

Fields the first teamCagliari Calcio S.p.A.S.p.A. (joint-stock company), Italy, Codice fiscale 00271200925
  • 55%controls
    Fluorsid GroupCompany, ItalySince June 2014, figure as of March 2026Shareholding at the extraordinary meeting of 10 February 2026; the club's statement of 20 February 2026 put the US investors at 49%. Low until the outcome of the third closing (deadline 31 May 2026) is sourced: if it closed, Cagliari 1920 LP holds 80–90%. The club's organigramma (October 2026) still lists Tommaso Giulini as president and Maurizio Fiori as vice-president.Low confidenceSources: Calcio e Finanza, Calcio e Finanza
    What the source says
    Alla data dell’assemblea, l’assetto vedeva ancora la holding Fluorsid (famiglia Giulini) in maggioranza con 749.526 azioni (circa il 55%)
    • Stake not knowncontrols
      Tommaso GiuliniPerson, ItalyFigure as of March 2026Medium confidenceSource: Calcio e Finanza
      What the source says
      Attualmente a guidare il club sardo c’è Tommaso Giulini , azionista di maggioranza (con il 55%)
  • 45%significant
    Cagliari 1920 LPInvestor consortium, United StatesSince December 2025, figure as of March 2026Medium confidenceSources: Calcio e Finanza, Calcio e Finanza
    What the source says
    mentre Cagliari 1920 LP detiene 613.249 azioni (circa il 45%)

Changes of control

  1. 20 February 2026

    Cagliari 1920 LP bought a minority stake (29%) from Fluorsid Group.

    Second tranche after a 20% stake in December 2025; price not disclosed.

    High confidenceSource: Calcio e Finanza

    What the source says
    l’azionista di controllo Fluorsid Group ha perfezionato la cessione di un’ulteriore quota azionaria pari al 29% del capitale sociale

Cagliari’s finances

From its published accounts and league records. Figures compare only with clubs at the tier it played that season.

Against its tier

Cagliari's revenue of €60.2m is the 14th highest of the 19 Serie A clubs with published accounts

In 2024-25 it spent €0.65 on staff for every €1 of revenue; the typical Serie A club spent €0.69.

  • Cagliari
  • Other Serie A clubs
Revenue19 clubs
Staff per €1 of revenue19 clubs

Each club's newest recorded accounts since 2021–22, at the tier it played that season. If that year's revenue cannot be separated from player trading, the club is omitted rather than using an older year. Coverage counts comparable accounts, not every club with financial data. Revenue excludes player-sale income. Where that income is included in the published total, we subtract the statement's separately reported player-trading figure. Some statements group loan fees and other player income with sale gains; those are removed together. Otherwise loan fees remain included. These are comparisons across accounting formats, not identical revenue definitions. Cagliari: Value of production €70.8m − reported player trading €10.6m = €60.2m (calculated). Deduction: gross income from players' registrations, of which €6.9m plusvalenze. The scales are logarithmic.

Revenue€70.8m2024-25
Staff costs€39.0m2024-25
Net result−€7.60m2024-25
Equity
€3.10m
accounts, 2024-25
Public money
€178k
awarded, 2024, 7 records

The accounts

Cagliari Calcio S.p.A., the entity that fields the team · 2020-21 to 2024-25

2024-25Tier 1 · from filed accounts2023-24Tier 1 · from filed accounts2022-23Tier 2 · from filed accounts2021-22Tier 1 · from filed accounts2020-21Tier 1 · from filed accounts
Profit and loss
Value of production€70.8m1—€69.7m2€76.1m3€86.3m4
TV money€32.5m—€3.60m5€32.9m€51.0m
Matchday€6.00m—€3.40m6€3.20m€7,000
Commercial€17.0m7—€9.20m8€12.4m9€15.7m10
Other revenue€4.50m—€30.2m11€6.40m€2.50m
Player sales€10.6m12—€23.3m13€24.4m14€16.9m15
Staff costs€39.0m—€31.7m16€55.3m€62.2m
Wage bill————€55.0m17
Total spending€77.1m18—€72.3m19€93.7m20€113.3m20
Operating result−€6.30m21—−€2.50m22−€17.6m21−€27.0m21
Result before tax———−€18.8m−€27.2m
Net result−€7.60m−€3.63m−€2.28m23−€16.2m−€18.5m
Balance sheet
Cash€102k—€29k24€400k—
Equity€3.10m25—€9.40m26€11.7m€22.8m27
Liabilities€131.4m28—€93.7m29€93.1m28€97.9m30
Financial debt€39.7m31—€16.7m32——
Transfer fees payable€46.2m33————
Notes on 33 figures, in the accounts’ own words
  1. Value of production: ricavi, including player trading; 70,7 in the opening; Calcio e Finanza's headline figure, which includes player-sale gains (it equals the value of production wherever the club's filed accounts allow the check)
  2. Value of production: Calcio e Finanza: Calcio e Finanza's headline figure, which includes player-sale gains (it equals the value of production wherever the club's filed accounts allow the check)
  3. Value of production: ricavi, including player trading; Calcio e Finanza's headline figure, which includes player-sale gains (it equals the value of production wherever the club's filed accounts allow the check)
  4. Value of production: ricavi, including player trading; 86,2 in the opening and the total; Calcio e Finanza's headline figure, which includes player-sale gains (it equals the value of production wherever the club's filed accounts allow the check)
  5. TV money: Calcio e Finanza
  6. Matchday: Calcio e Finanza
  7. Commercial: ricavi commerciali
  8. Commercial: Calcio e Finanza: sponsorship, commercial and royalties
  9. Commercial: sponsorship, commercial and royalties
  10. Commercial: sponsorship, advertising and commercial
  11. Other revenue: Calcio e Finanza: includes the €25m relegation parachute
  12. Player sales: gross income from players' registrations, of which €6.9m plusvalenze
  13. Player sales: Calcio e Finanza: of which €18.7m gains on disposals
  14. Player sales: gross income from players' registrations, of which €17.1m plusvalenze
  15. Player sales: gross income from players' registrations, of which €4.1m plusvalenze
  16. Staff costs: Calcio e Finanza
  17. Wage bill: salari e stipendi
  18. Total spending: total costs (77,0 in the opening)
  19. Total spending: Calcio e Finanza: total costs
  20. Total spending: total costs
  21. Operating result: difference between revenue and costs
  22. Operating result: Calcio e Finanza: difference between revenue and costs
  23. Net result: Cagliari statement via Calcio e Finanza: the club's statement on the approved accounts
  24. Cash: Calcio e Finanza
  25. Equity: printed as 'al 30 giugno 2024', against €5.8m a year earlier
  26. Equity: Calcio e Finanza
  27. Equity: after a €23.5m brand revaluation reserve
  28. Liabilities: debiti (debts only)
  29. Liabilities: Calcio e Finanza: debiti, of which about €8m to the majority shareholder
  30. Liabilities: debiti (debts only), of which about €14m shareholder loans
  31. Financial debt: debts to banks
  32. Financial debt: Calcio e Finanza
  33. Transfer fees payable: debts to football clubs

2024-25: Source: Calcio e Finanza2023-24: Source: Calcio e Finanza2022-23: Sources: Calcio e Finanza, Calcio e Finanza2021-22: Source: Calcio e Finanza2020-21: Source: Calcio e Finanza

League figures, wage bills, budgets and public money 32 records
Public money, season or yearTotalRecords
2024€178kawarded7
2023€70.1kawarded6
2022€119kawarded6
2022€71kpaid1
2021€827kawarded6
2020€118kawarded6
  • 2024€35.4kawarded from Regione Autonoma della Sardegna – Servizio sport, spettacolo e cinema: Regional grant, L.R. 17/1999 - Art. 27 (beneficiario individuato tramite bando pubblico); concession published under art. 26 D.Lgs. 33/2013, matched to the club's operator by tax code.. Source: Regione Autonoma della Sardegna
  • 2024€31.6kawarded from Regione Autonoma della Sardegna – Servizio sport, spettacolo e cinema: Regional grant, L.R. 17/1999 - Art. 27 (beneficiario individuato tramite bando pubblico); concession published under art. 26 D.Lgs. 33/2013, matched to the club's operator by tax code.. Source: Regione Autonoma della Sardegna
  • 2024€24.2kawarded from Regione Autonoma della Sardegna – Servizio sport, spettacolo e cinema: Regional grant, L.R. 17/1999 - Art. 27 (beneficiario individuato tramite bando pubblico); concession published under art. 26 D.Lgs. 33/2013, matched to the club's operator by tax code.. Source: Regione Autonoma della Sardegna
  • 2024€24.2kawarded from Regione Autonoma della Sardegna – Servizio sport, spettacolo e cinema: Regional grant, L.R. 17/1999 - Art. 27 (beneficiario individuato tramite bando pubblico); concession published under art. 26 D.Lgs. 33/2013, matched to the club's operator by tax code.. Source: Regione Autonoma della Sardegna
  • 2024€24.2kawarded from Regione Autonoma della Sardegna – Servizio sport, spettacolo e cinema: Regional grant, L.R. 17/1999 - Art. 27 (beneficiario individuato tramite bando pubblico); concession published under art. 26 D.Lgs. 33/2013, matched to the club's operator by tax code.. Source: Regione Autonoma della Sardegna
  • 2024€21.7kawarded from Regione Autonoma della Sardegna – Settore sport: Regional grant, L.R. n. 17/1999, art. 22 (beneficiario individuato tramite bando pubblico); concession published under art. 26 D.Lgs. 33/2013, matched to the club's operator by tax code.. Source: Regione Autonoma della Sardegna
  • 2024€16.7kawarded from Regione Autonoma della Sardegna – Servizio sport, spettacolo e cinema: Regional grant, L.R. 17/1999 - Art. 27 (beneficiario individuato tramite bando pubblico); concession published under art. 26 D.Lgs. 33/2013, matched to the club's operator by tax code.. Source: Regione Autonoma della Sardegna
  • 2023€15.4kawarded from Regione Autonoma della Sardegna – Settore sport: Regional grant, L.R. n. 17/1999, art. 22 (beneficiario individuato tramite bando pubblico); concession published under art. 26 D.Lgs. 33/2013, matched to the club's operator by tax code.. Source: Regione Autonoma della Sardegna

Where Cagliari has played

1216-1718-1920-2122-2324-2526-27
Season by season
  1. 2026-271Serie A
  2. 2025-261Serie A
  3. 2024-251Serie A
  4. 2023-241Serie A
  5. 2022-232Serie B, promoted
  6. 2021-221Serie A, relegated
  7. 2020-211Serie A
  8. 2019-201Serie A
  9. 2018-191Serie A
  10. 2017-181Serie A
  11. 2016-171Serie A

Not yet established

What we looked for and could not find in public sources. If you know, send a correction with a source.

  • Who the shareholders areWhether Cagliari 1920 LP completed the third closing (to 80–90%) by 31 May 2026 is not reported in the sources read; until it is, Fluorsid's 55% is shown at low confidence.
  • The terms of a dealNo price, capital, debt, ask or offer figure found for it-cagliari-2026-cagliari-1920-lp: not in its own sources, nor in the TuttoC price-slug scan or Calcio e Finanza's deal articles.
Sources10

Also on Wikidata (Q1900).

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