To build a solid women’s football movement, the first step is to create territorial synergies
between clubs: developing talent, giving young girls the chance to play without prejudice or
obstacles, and laying the foundations on which the game can grow. In Italy, this work was
pioneered by former President of the Women’s Football Federation, Natalina Ceraso Levati,
during a period when no specific federal strategy existed to increase participation. Under her
leadership, from 1997 to 2009, the number of teams grew by 50% compared to the previous
period, while registered players rose from 9,667 to almost 22,000 (the current target is
40,000). For the 2023-24 season, FIGC has made it mandatory for every professional club to
field teams in the U15 and U17 championships, structuring an obligatory pathway for youth
development and creating continuity between academies and the first team – a step that
England, France, Spain, and Germany had already taken nearly a decade earlier. What comes
next?

A Quick View on How the Transfer World is Changing

In modern football, young talents are in the spotlight more than ever thanks to social media
and online platforms where their statistics are constantly updated. While this is common in
the men’s game, young female players remain far less visible: data is scarce, and most
matches can only be watched by attending the stadium in person. As a result, it is far more
complicated to see young female talent contested on the transfer market with the same
frequency as in men’s football.

Things are beginning to change, however, as streaming platforms now offer greater
opportunities to watch young players competing at high levels. This was the case with Lily
Yohannes, who impressed with Ajax in the 2023–24 UEFA Women’s Champions League
season before being quickly signed by Olympique Lyonnais – one of the few European clubs,
alongside Barcelona and English Super League sides such as Chelsea or Arsenal – able to
afford such investments. Juventus Sporting Director Stefano Braghin recently told the New
York Times that Italian clubs must adopt a different approach to compete with Europe’s elite:
the money spent does not justify the returns, and the risk of unsustainable debt is high. The
real work, he argued, lies in strengthening academies.

How Italian Teams Are Developing Talent

As a common national strategy is lacking, clubs have launched their own campaigns to
develop talent. Juventus, for instance, sold Sofia Cantore to the Washington Spirit, who
activated the full release clause in her contract. She is not the only Juventus player to have
played abroad: Ilaria Alice Berti spent time at Logroño and Servette before joining Brescia in
the second tier (she is no longer tied to Juventus); Azzurra Gallo is currently on loan at
Anderlecht; and Elisa Pfattner moved to Austria Wien after a loan spell in the Austrian
Frauen-Bundesliga with SV Neulengbach.

Roma and Milan, however, have taken different approaches. For Roma, most of the players
were loaned to Ternana after winning four consecutive U19 championships, following their
coach Fabio Melillo – who sadly passed away in the summer of 2024. The Umbrian club is still
regarded as the best environment for them to grow both as players and as women. Others,
helped by injuries that sidelined first-choice options, have found space in the line-up. The
standout case is Giulia Galli, who impressed with Italy’s U17s at the recent World Cup in
Morocco and is now shining with the U19s. She has already broken into Roma’s first team,
making a strong impact in her debut season.

AC Milan opted to promote most of the squad that won the 2023-24 Primavera 1 (as Italian
U19 championship is called), giving them the chance to play in Serie A. Players such as
Giorgia Arrigoni, Nadine Sorelli (currently sidelined by injury), and Monica Renzotti have
quickly become familiar names to Italian fans. Sassuolo followed a similar path with the team
defeated by Milan in that final, promoting Monica Perselli and Emma Girotto in the first
team, while Erika Di Nallo was loaned to ACF Arezzo in Serie B.

How to Turn Youth Academies into Business Models: Promoting Players

After examining some examples, the question remains: how can Italian clubs transform youth
academies into sustainable business models? At present, teams have identified three main
ways to generate new revenue streams. The first – and most direct – is to loan young players to
mid‑table sides in the national league, then promote them to the first team. After one or two
seasons of development, the player can showcase her talent at both national and European
level, before being sold to a top club or even a domestic rival, as Juventus did with Agnese
Bonfantini. This approach has proved effective in periods when league expenses rise but
revenues stagnate, with TV rights offering limited returns and sponsorships covering only the
elite. Yet the risk is clear: academies may be reduced to talent factories, where players are
valued more for their market price than for their growth and potential.

How Second Teams Have Impacted Men’s Football: Future Perspective for Women’s
Clubs

In men’s football, Serie C – Italy’s third tier – has seen clubs such as Juventus, Atalanta,
Milan, and Inter register their U23 sides. Juventus, through its Next Gen project, has sold
some homegrown talents to top Italian and English clubs for millions, while also integrating
others into the first‑team lineup. Atalanta is building a solid U23 squad after years of
nurturing young players under Gian Piero Gasperini, while Milan has showcased Francesco
Camarda’s development through Milan Futuro, despite the team’s relegation to the fourth
tier. Inter has only just embarked on this pathway, so its results remain to be seen.

For women’s football, however, the financial equation is more complex. Juventus attempted
to introduce a U23 side, but the proposal was unanimously rejected by clubs concerned
about escalating costs. For independent women’s clubs without the backing of a larger
organisation, the risk of debt outweighs the potential benefits. Maintaining a professional first
team and a competitive youth sector already represent a heavy expense in a market where
revenues – from TV rights and sponsorships – remain limited.

The structural differences are also significant. Unlike men’s football, Italy’s second and third
tiers in the women’s game are not professional. While competition is stronger than in youth
leagues, the gap with Serie A Women is still wide. Professionalising the second tier would
require investments that many clubs cannot afford at present, raising questions about
feasibility and fairness. Another concern is competitive balance. If Serie A clubs field reserve
sides in lower divisions, they could dominate promotion races, leaving independent clubs at a
disadvantage. This imbalance risks undermining the pyramid’s integrity and could discourage
investment from smaller organisations.

Despite these challenges, some clubs have begun experimenting. Parma Women has
launched a second team in the fifth tier, Orobica Bergamo created the “Golden Sharks” in the
fourth tier, and Palermo, Chieti, and Salernitana have all introduced reserve sides in lower
divisions, though the Sicilian and Abruzzese clubs are not competing for direct promotion,
since their reserve teams are kept out of the league table. These initiatives show that second
teams can be part of a growth strategy, but only if aligned with sustainable financial planning
and broader structural reforms.

The Third Case: Strengthening U17 and U19 Championships

Another potential business model lies in reinforcing U17 and U19 competitions, which
represent the age groups feeding national teams at European and World Cup level. In 2023,
FIGC explored a possible reform of the Primavera, while UEFA considered launching a U21
club competition. However, no concrete plans have been announced for the coming years.

From a financial perspective, stronger youth leagues can increase the value of academies by
offering more competitive matches and visibility. The U19 league has already become a key
platform in recent years, with high demand for Final Four places and the introduction of the
Coppa Italia Primavera to expand match opportunities. These initiatives raise the commercial
profile of youth football, but they also require sustainable funding models to avoid
overburdening clubs.

A UEFA U21 competition could be transformative, creating new broadcasting rights and
sponsorship opportunities. However, concerns remain about revenue distribution and
competitive balance. Clubs with highly developed academies – such as Lyon and Barcelona –
could dominate, reducing the appeal for smaller markets. Without equitable financial
structures, the risk is that early editions of such tournaments fail to generate sufficient
interest or returns.

What Can Be Done in Future?

Italy still lacks a collective plan to develop young talents, strengthen academies, and turn
them into sustainable businesses. Some clubs are experimenting with their own models, and
this is likely to remain the trend in the coming years. The Italian Football Federation should
focus on increasing the competitiveness of youth championships and on reinforcing the
second and third tiers, making them more competitive than the Primavera and giving second
teams the chance to build their own business paths. Yet, creating a sustainable economic
model in Italian women’s football remains challenging: revenues are low, and many clubs
struggle to complete the season. Developing academy football as a business could provide
additional income streams, while the Federation works on a collective plan to grow women’s
football, nurture talent, and build a competitive pyramid from the grassroots to the top.

Text: Sebastiano Moretta