Calcio Catania's debt crisis worsens
By Anthony Barbagallo
Calcio Catania’s debt is sharply rising. With the financial situation worsening, owners SIGI are falling behind in meeting the wage payments for the club’s players and coaching staff.
According to La Sicilia, the Rossazzurri risk a four-point deduction in this 2021-22 Serie C season. The Etnei already received a -2 point penalty before the season’s start, but this is not yet officially finalised.
This new penalty comes after Calcio Catania’s owners, SIGI, failed to pay the player and staff wages on time throughout this year. And to make matters worse, these latest reports from Sicily suggest SIGI is fragmented - some business investors creating division among this ownership.
The future for Calcio Catania is grim, and this worsening debt crisis continues to cripple this historical Sicilian club. Joe Tacopina’s €800,000 contribution earlier in the year was just enough to keep this failing project above water for a little longer. Without this generous contribution, the Rossazzurri wouldn’t currently be playing this campaign in Serie C. The former potential club investor was the Etna side’s final hope in avoiding a looming bankruptcy. Unfortunately, the sad reality is that Catania won’t attract any other buyers - not in these current circumstances.
These financial and ownership uncertainties have enforced massive limitations on the current Rossazzurri squad. The former Serie A participants were over-reliant on securing loan deals in the last transfer market, affecting the club’s ability to own a footballer outright and make any money in the event of a transfer deal. For example, star striker Luca Moro is currently on loan from Padova. With multiple Serie B clubs monitoring the youngster’s impressive performances, any purchase for Moro would result in Padova receiving the funds.
Catania can't keep operating in this manner. It’s an unsustainable way to run any professional football club. Yet, despite these financial pressures crippling the eastern Sicilian club, coach Francesco Baldini and these current players are acting with incredible professionalism throughout each game.
The Etnei footballers have been playing some exciting attacking football in recent weeks, so there is no doubt that they are honouring the Rossazzurri shirt and that Baldini is coaching with the utmost integrity on the sideline.
With this latest blow to the club’s horrifying financial mess, it couldn’t have come at the worst time for the players and coaching staff before this midweek’s crucial clash against Avellino. Just as the team was starting to find decent form, the Rossazzurri faithful hope that this financial situation won’t affect the players' overall performance.
It looks like Calcio Catania is on the verge of bankruptcy. How long owners SIGI can hold this out, who knows. But the evidence suggests that the Rossazzurri might not even be able to finish this entire 2021-22 Serie C season. While it’s painful for Catania supporters to watch their club rapidly decline, it is impossible for the club to continue with a debt of over €60 million. The Rossazzurri may be the only Sicilian side that has never gone bankrupt, but it looks like this proud status will soon be lost in this passionate Calcio city.