Ajax threatens to fall behind, PSV targets €140 million

Feyenoord may be in the Champions League spotlights on Tuesday evening, while a LinkedIn post about PSV and Ajax talks about hundreds of millions. Xander Czaikowski, former CEO of PEC Zwolle and co‑founder of Estrella Football Group, shared that analysis.

He refers to the Generali Stadium of Milan and Internazionale and draws a parallel with the Dutch situation. Czaikowski notes that Milan builds 71 500 seats on 281 000 m² and the stadium generates revenue 365 days a year, but only because the clubs own it themselves. He said that he spoke with Ajax Financials about strategic choices, one of the pillars being the purchase of their own stadium.

“Why? Because PSV otherwise overtakes Ajax,” according to Czaikowski. In the 2018/19 season Ajax had €102 million more revenue than PSV; now the difference is still €30 million. The Amsterdam club saw its revenue drop by five percent, while the Eindhoven club grew by 63 percent. Last season the champion recorded profit, the fifth‑place side incurred loss.

Financial gap between PSV and Ajax

PSV earns €1 900 per ticket, hospitality and sponsorship, compared with Ajax’s average of €1 620. With an equal amount per seat, PSV would achieve roughly €103 million stadium revenue, rising to €140 million when own events are organised.

Ajax currently generates €90 million from stadium income, meaning PSV would exceed that threshold. Moreover, PSV can earn up to €50 million extra each year, apart from the Champions‑League money that Ajax now lacks.

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Stadium ownership and potential revenue

Ajax is a tenant of the Johan Cruijff Arena, owns only 13 percent of the shares and recently extended a 15‑year lease contract with a €100 million liability on the balance sheet. Events, catering and naming rights belong to the arena, not to Ajax.

Ajax has no naming‑rights partner; FC Barcelona reportedly earns around €20 million per year via a Spotify deal, according to Spanish media. Internazionale and Milan signed a 20‑year Generali‑Group contract for €650 million, i.e. €32.5 million per year, covering a large part of the purchase and construction costs of San Siro.

Czaikowski argues that ownership of the arena could increase Ajax’s revenue by about €41 million per year, an amount that already exists but changes owner. By comparison: Tottenham Hotspur averages €3 379 per seat. He emphasizes that 80 percent of the ranking position in the Netherlands is determined by the club budget.

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Calculations show that Ajax can grow its revenue by €83 million, provided the right steps are taken in the coming years. Whoever owns the stadium builds further revenue each year; the largest budget in the Netherlands will therefore be poured into concrete in the coming years.