Clubs go to court over Arsenal man’s fee

A deal Arsenal made last summer is still making headlines in Europe, but not because of anything happening on the pitch.

WOLVERHAMPTON, ENGLAND - JANUARY 25: Riccardo Calafiori of Arsenal celebrates victory with teammate Leandro Trossard following the Premier League match between Wolverhampton Wanderers FC and Arsenal FC at Molineux on January 25, 2025 in Wolverhampton, England. (Photo by Shaun Botterill/Getty Images) — Photo by Shaun Botterill/Getty Images

The transfer of Riccardo Calafiori to Arsenal is now at the centre of an escalating financial dispute between two of his former clubs, with FC Basel and AS Roma set to battle at the Court of Arbitration for Sport over the distribution of proceeds from the Italian defender’s fee.

At FC Basel, master dealers are at work Despite the sporting collapse in 2024, the club has filled its coffers – thanks to a fine touch with player transfers CHRIS RADBURN / REUTERS One year in Basel, now at Arsenal: the Italian Riccardo Calafiori (with headband) is still providing a financial windfall to FC Basel. FC Basel has no reason to be proud of last season, as it suffered a collapse of almost historic proportions. At times, it seemed the club was in free fall. What is astonishing is how quickly it recovered and is already aiming for the league title again in 2025 – its first since 2017. Also remarkable is that, in its collapse year, the club generated gross transfer revenues of 57 million Swiss francs – and this in the no man’s land of the Super League, without titles and without the shop window of European competition. Even after subtracting 30 million for transfer-related expenses, a considerable net amount remains despite adverse conditions. Club president David Degen was previously a footballer and later a busy player agent and knows a thing or two about the transfer business. There is no other explanation for Basel’s numbers. What distinguishes the work of Degen’s team is the fact that young players sold from FC Basel to top leagues don’t disappear from the radar. In dispute with AS Roma Thierno Barry, 22, transferred to Villarreal, currently fifth in La Liga. Barry is a regular starter and has scored 10 goals in 29 matches. Renato Veiga, 21, ventured into the Premier League, where Chelsea FC seemed a step too far. But after a loan move to Juventus, the Portuguese player now features regularly in Serie A. The biggest name is 22-year-old Italian international Riccardo Calafiori. He moved to Bologna in 2023 for €4 million and after Euro 2024 joined Arsenal for €45 million, with Basel reportedly taking an unusually high share. Millions in the double-digit range flowed. The Calafiori case exemplifies the speculative tug-of-war over transfer money in football: what can we secure for ourselves from a player's resale? A legal dispute between Basel and AS Roma is currently open before the Court of Arbitration for Sport (CAS). Calafiori had joined Basel from Roma in 2022. The Italians are demanding commission payments in the high millions. Calafiori is also a regular starter at Arsenal. Only persistent knee problems and periods out of action cast some doubt on whether he can reach the next level. Basel is out-trading the rest of the Super League with transfers. Reigning champions YB (Young Boys) overestimated their squad in the summer of 2024 and identified (new) leaders where there were none, making personnel corrections only last winter. Thanks to its European spotlight, YB had been the club that could most closely rival Basel in transfer income in recent years. But how is it possible that FC Basel is filling its (transfer) coffers just as it is collapsing? It apparently has good connections in the international scene. And above all, it still benefits from a reputation it has built up over the years. Basel, the springboard. Barry, Veiga, and Calafiori are the latest showcase examples. Go to Basel – and suddenly you’re in a big league. YB can also market that. Only YB keeps pace Thanks to the business of young footballers, Basel’s coffers are full. The only club that can keep up at this level is Young Boys, who, thanks to the Champions League, reported over 24 million in their 2024 accounts under “broadcasting rights.” Thanks to Europe’s elite competition, they also led ticket revenue with 28 million – 11 million more than Basel, who had to live without European football. But in both the transfer market and European competition, the same question arises: how sustainable is it? In 2024, transfers accounted for 60 percent of Basel’s income. When FC Basel executives presented the figures to the media a few days ago, they stated that the risk was “manageable.” David Degen even said that “this will continue.” But for that to happen, the transfer market will again need to move significantly in summer 2025. As league leaders and cup semifinalists, there is again legitimate hope for Europe. The club has currently broken a pattern. Previously, a good transfer year was often followed by a weaker one. Since 2021, revenue has only increased, without a dip. It covers the structural deficit and reassures the club’s owners, who, not so long ago, had to provide double-digit million loans due to liquidity shortages. Basel spun the big wheel last year thanks to player trading, YB thanks to the Champions League. On a different level, FC Winterthur and FC St. Gallen are financially healthy. FC Luzern is trying to get healthy but is struggling with red numbers and has committed to a strict austerity plan. As a rule, Swiss clubs remain dependent on subsidies – the unit of measurement is the million, sometimes stacked. GC (Grasshopper Club) reports deep red figures. The Grasshopper Club, led by Americans, reports a deficit of 14 million. In Lugano, “other operating income” is listed, which mainly refers to subsidies from American Joe Mansueto. FC Sion reports a deficit of 5 million and negative equity of 35 million. Christian Constantin must provide guarantees. At FC Zürich, it's the Canepa couple. At Servette FC, where personnel expenses rose from 17 to 25 million compared to the previous year, it’s the Rolex Foundation. In Lausanne, sponsorship and advertising income of over 10 million is almost as high as in Bern and Basel, suggesting hidden payments from Ineos. In Yverdon, Americans also cover multimillion shortfalls. The transfer of Kevin Carlos to FC Basel makes it somewhat more bearable. So a bit of Calafiori money flows to Yverdon – from Arsenal via Bologna and Basel. — At FC Basel, master dealers are at work Despite the sporting collapse in 2024, the club has filled its coffers – thanks to a fine touch with player…

Calafiori, who joined Arsenal in the summer of 2024 for €45 million on a five-year contract, has been sidelined in recent weeks with a knee injury suffered while on international duty with Italy.

Mikel Arteta expects him to return in time for the Champions League semi-final first leg against Paris Saint-Germain at the Emirates Stadium on April 29. Yet off the field, the complications of his rapid rise have created tensions that now require legal intervention.

MILAN, ITALY: Riccardo Calafiori of Italy goes down with an injury and is checked on by Antonio Ruediger of Germany during the UEFA Nations League quarterfinal leg one match between Italy and Germany at Stadio San Siro on March 20, 2025. (Photo by Alex Grimm/Getty Images) — Photo by Alex Grimm/Getty Images

Basel initially signed Calafiori from Roma in 2022 for a modest fee, before selling him to Bologna and profiting handsomely again when Arsenal came calling a year later. As part of that original transfer agreement, Roma believe they are entitled to significant additional payments based on Calafiori’s future sales.

Basel’s interpretation of those clauses differs, and the two sides have failed to reach an amicable resolution.

BOLOGNA, ITALY: Riccardo Calafiori of Bologna FC celebrates after the Serie A TIM match between Bologna FC and US Sassuolo at Stadio Renato Dall'Ara on February 03, 2024. (Photo by Alessandro Sabattini/Getty Images) — Photo by Alessandro Sabattini/Getty Images

The case, now pending at the Court of Arbitration for Sport, underlines the increasing complexity of sell-on agreements in European football, particularly when players move rapidly between leagues and valuations jump quickly.

According to Neue Zürcher Zeitung, Basel’s share from the Arsenal deal is already understood to have reached well into eight figures in Swiss francs.