‘This is serious …’ – Aston Villa must solve £400m riddle to reach Nassef Sawiris goal
Aston Villa’s Ambitious European Vision Under Unai Emery – But Financial Growth Must Follow
It’s difficult to find an Aston Villa supporter who doesn’t genuinely believe that European football is here to stay under Unai Emery. The Spanish tactician has transformed the club’s fortunes since arriving, and the belief around Villa Park is clear: qualifying for Europe should be the baseline, not the ambition.
However, the ultimate dream goes far beyond just making it into the Europa League or the Conference League. Villa’s true aspiration is to earn a regular seat at the top table of European football – the UEFA Champions League. After tasting the elite competition recently, the desire to return is stronger than ever. With Emery at the helm – a manager who has lifted the Europa League trophy four times – Villa are aiming to secure a Champions League place again by the 2026/27 season, whether by virtue of their league standing or by winning silverware in Europe.
Emery’s track record speaks volumes. He claimed three consecutive Europa League titles with Sevilla before a short stint at Paris Saint-Germain. He also led Arsenal to a Europa League final in 2019 before winning the competition again with Villarreal. Villa’s faith in him isn’t just hopeful – it’s strategic.
The Emery Era: From Crisis to Contender
Villa’s transformation under Emery has been nothing short of remarkable. The club limped through the early months of the 2022/23 season under Steven Gerrard, languishing in the bottom half of the table. Emery arrived and orchestrated an incredible turnaround, lifting the club to a seventh-place finish and European qualification.
The following campaign saw further progress. Villa climbed as high as fourth, looking set for a top-four finish and automatic Champions League qualification. However, a contentious 2-0 defeat at Old Trafford late in the season derailed that dream, and they ultimately ended up sixth – a highly respectable position, but just short of that elusive Champions League berth.
On the Pitch, Villa Are Rising – Off It, They Must Catch Up
While the footballing side of the club has shown rapid progress, there’s an equally urgent need to match that growth off the field. The club’s business operations must evolve to support its growing ambitions, particularly under the increasing financial scrutiny of domestic and UEFA regulations.
In spring 2023, Chris Heck, a seasoned American sports executive, was brought in to spearhead Villa’s commercial transformation. His brief was ambitious – to elevate the club’s annual revenue to around £400 million by 2027, a figure that would put them in the same financial bracket as AC Milan and Inter Milan. However, even this target would still leave Villa trailing the Premier League’s established elite, with Chelsea – the lowest earners among the traditional ‘big six’ – earning around £500 million annually.
Tough Financial Choices and a New Direction
Villa’s financial situation has already forced difficult decisions. Earlier this summer, the club controversially sold its women’s team in a move designed to comply with the Premier League’s Profit and Sustainability Rules (PSR). But it doesn’t stop there. UEFA’s Squad Cost Ratio (SCR) regulations, which link expenditure directly to a club’s income, mean Villa must now bring their wage bill under tighter control – further squad sales are expected to be necessary in the coming seasons.
Despite these restrictions, there are signs that the core vision remains intact. Boubacar Kamara’s decision to stay and commit to the project demonstrates belief in Villa’s long-term ambitions. Still, the club wasn’t spared sanctions – UEFA fined Villa €11 million for breaching their financial rules, a warning that the climb to the top must be both ambitious and responsible.
The Arrival of Francesco Calvo: A Pivotal Appointment
To strengthen their business foundation, Villa turned to a proven figure in European football’s commercial sphere. Francesco Calvo, who officially took over this summer, now holds the key to the club’s financial future.
Calvo arrives with an impressive resume, having served as Juventus’ Managing Director of Revenue and Football Development. His earlier roles included being Chief Revenue Officer at Barcelona (2015–2018) and COO at Roma, where he worked closely with Monchi – now Villa’s President of Football Operations. Their strong professional relationship is a bonus, but it’s Calvo’s ability to grow revenue streams and attract top-tier commercial partnerships that makes him vital to Villa’s future.
Upon his appointment, Nassef Sawiris, Villa’s billionaire co-owner, emphasized the significance of this hire:
> “Francesco has an outstanding track record at some of Europe’s biggest clubs. Our ambition is to compete at the highest level – in every sense. His skills and experience will be instrumental in getting us there.”
Revenue Growth: The Central Mission
Despite improvements in infrastructure and recruitment, revenue remains the primary concern. Everyone at the club – from the boardroom to the dugout – understands that sustainable growth depends on increasing income.
> “It might sound repetitive, but the truth doesn’t change,” said one executive close to the project. “Revenue is the solution to most of our challenges. Want to sign better players? Need to pay them competitive wages? Want to keep up with top-six clubs? Then we must make more money.”
Some fans advocate for focusing on youth, bringing in high-potential players and selling at a profit. Villa have already begun this model. Morgan Rogers is a perfect example – signed as a rising star, given a new contract, and expected to flourish under Emery. But there’s an important caveat:
> “If Morgan Rogers breaks through, we must have the capacity to reward him properly – not sell him just to balance the books.”
This is where Villa aim to differentiate themselves from clubs like Brighton, who rely heavily on player sales. Villa want to create multiple income streams – from merchandising to partnerships, international outreach, and even unconventional ventures.
> “If a LEGO Villa Park can bring in millions, why not?” said the executive. “Let’s be bold.”
Sustainable Spending and the Champions League Dream
While reducing costs – particularly wages – is part of the plan, Villa are wary of compromising the core of their project. Clubs like Atletico Madrid and Borussia Dortmund have shown it’s possible to remain competitive with leaner financial models. The challenge is striking the right balance between ambition and prudence.
> “There’s no pressure on Calvo – but make no mistake, his role is now one of the most critical at the club. If we don’t grow revenue, we’ll be stuck, trimming budgets every season just to survive. That’s not what Aston Villa is aiming for.”
Ultimately, the vision is clear. This isn’t about enjoying one or two thrilling European runs or occasional domestic cup success. Villa are building a long-term project – one that aspires to win trophies, compete for league titles, and establish themselves among Europe’s elite.
And that future will be determined not only by the brilliance of Unai Emery on the touchline – but by the financial foundations laid by Francesco Calvo and the boardroom team off it.