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Lazio Cleared for January Transfers as New Financial Regulator Limits Napoli and Pisa to ‘Saldo Zero’

A new government-appointed regulator applied a UEFA-style cost-to-revenue test that grants full access only to clubs at or below 80%.

Overview

  • The independent commission led by Atelli sent its rulings to the FIGC on Dec. 23 after reviewing accounts to Sept. 30, clearing 18 of 20 clubs for unrestricted activity.
  • Napoli and Pisa exceeded the 0.8 expanded-labour-cost-to-revenue cap and may operate only on a saldo zero basis in January.
  • Lazio met the threshold and regains full freedom in the winter window after last summer’s total block under the former Covisoc system.
  • Como achieved compliance via a capital increase, and clubs may still seek revocation by injecting capital or recognizing future TV-rights receivables before the window opens.
  • The limit tightens to 0.7 from next summer, a full market freeze can follow two consecutive breaches, and the next formal review uses data to March 31.