UGP's real Napoli offer is €1-1.3bn, far short of De Laurentiis's €2bn

A raise to €1.5-1.6bn is in the air, with early 2027 set as the limit. The president keeps saying the club is not for sale, and on the pitch the team is struggling.

by Rosaria CimminoTuesday 3 November, 11:03 CET· 3 hours ago

Napoli, tra 2,26 miliardi e il rilancio a 1,6 c'è un'offerta che non si somiglia più — Grafica Arena Napoli

The €2.26bn offer for Napoli was not what it looked like. Aurelio De Laurentiis broke it down on 22 October. Only part of the price would have been paid at signing, with the rest spread over the following three years. The owners had asked for due diligence, and it never started. His own role would have shrunk until he was only honorary president.

That is where his line since then comes from: "Napoli are not for sale."

The money that Underdog Global Partners and Matt Rizzetta's American funds can actually put up is €1-1.3bn. Rizzetta confirmed the figure himself on 1 November.

A raise has been talked about for days. It would take the offer to €1.5-1.6bn, €200-300m more, and it may be a last attempt. The financial terms have reportedly already gone to De Laurentiis. But many of the backers are still unnamed, and nobody yet knows how the deal would be structured.

The president wants around €2bn and a significant role in running the club. Even the highest raise leaves a gap of €400m, and no price covers the seat he wants. Rizzetta's answer is that the purchase must be sustainable above all, and the price has to be fair to both sides.

A club in no hurry

The latest accounts explain why the president can afford to say no. They cover the year ended 30 June 2025, the season of the club's fourth league title. Revenue fell to about €290.9m from €328.2m the year before, and the net loss was €21.4m. Equity stands at about €190.2m, with €174.4m in cash against €37.4m of bank debt.

A club holding almost five times what it owes the banks is not selling because it has to. A buyer, for their part, is not paying for those figures. They are paying for the brand, the commercial potential and a stadium that does not exist yet. The land at Qualiano for a new training centre is part of the picture too. So is the relationship with MSC, which could grow into a sponsorship running beyond 2029. All of this shapes the price, on both sides.

For UGP, Napoli would be the biggest piece of a wider project. That project already includes Campobasso and Napoli Basket, bought in 2025 along with its men's and women's teams. There is also an agreement in principle in volleyball, plus talks in rugby, water polo, motorsport and property. The aim is a multi-sport holding company for the city. If no deal is reached, the group could turn to other clubs in Campania, the region around Naples, such as Juve Stabia or Real Aversa.

What the fans want to know

We do not want to act as anyone's press office, or as a prosecutor, in this story. But one thing needs saying. The fight over ownership is being waged with the numbers of a rich, solid club. On the pitch, Napoli are eighth on 14 points. That is 9 points off the fourth place Allegri was asked to deliver. They are coming off a 2-0 defeat at Torino with one shot on target, and the treatment room is full.

With €174.4m in the bank, money is not the problem. What supporters want to know is who will decide how it is spent, and when.

Rizzetta has named early 2027 as the point beyond which he is unlikely to carry on. The transfer window reopens on 2 January. In those same weeks, Napoli must settle who owns the club and how to strengthen a squad that is not holding up. Porto come first, at the Dragão on Wednesday 4 November at 21:00 CET (20:00 UK, 15:00 ET). De Laurentiis will not be in the stands.