Mirko Vucinic trying a shot against Bayern Munich. Juventus were eliminated from the Champions League last week leaving Italy without a team in the competition.

Inter were the last Italian club to lift the European Cup in 2010 when the team led by the shrewd Jose Mourinho beat Bayern Munich 2-0 in the final at the Bernabeu Stadium.

In the last three years, Italy was not represented in the semi-finals of the competition, denoting that Il Calcio had lost its competitive edge on the continent.

The huge financial gulf that exists between the Serie A and the other major leagues in Europe, particularly the English Premiership, the Bundesliga in Germany and the Spanish La Liga, is an area of great concern for Italian football chiefs.

One recalls that in the not too distant past, most notably in the 1990s, the best foreign players plied their trade in the Serie A because at the time they could be guaranteed with more favourable financial deals.

That trend coincided with various successes by Italian teams in Euro club competitions.

With the passing of time and the emergence of televised football, the Serie A suddenly started to lose its allure. Now, it is the English league that has established itself as a dominant force from a financial point of view.

Most clubs in England own their own stadiums and the Premier League is being expertly marketed on a global scale, penetrating affluent markets including the ones in the US and Asia.

As a result, several clubs in England have become easy targets for mega-rich foreign business-men. They invest huge sums of money to acquire the majority shareholding in clubs like Manchester United, Manchester City, Liverpool and Chelsea.

At this stage, while acknowledging that money is a key factor in football management, it is important to highlight that this aspect alone does not buy you success.

Take Manchester City as an example.

For the second year running, the club run by the Dubai sheikhs did not even reach the first knock out stages of the Champions League. Even Paris SG, now owned by Qatari investors, still have to establish themselves among Europe’s elite.

It is also worth remembering that it took Russian tycoon Roman Abramovich almost a decade to see Chelsea lift the European Cup last year.

Good planning

Although many contend that in Italy the game’s woes have predominantly been brought about by a dire lack of cash and new investments, one should not forget that planning is another key element in securing a sound future.

The Serie A badly needs to change style and club bosses have to start thinking long-term.

Investments in youth academies and an effective scouting network are crucial in this regard. It is futile to invest in youth players if they are not allowed enough space to blossom with the first team.

The ‘hire and fire’ mentality with respect to coaches also needs to be changed.

Coaches, like players after all, need to be given time to prove themselves and not shown the backdoor after the side’s first few setbacks.

In my opinion, more Italian clubs should follow the example of Juventus and become owners of their stadium. Violence outside the grounds, like what happened last week in Roma-Lazio, should also be eradicated once and for all, thus paving the way for higher attendances.

Indeed, the future of Italian football does not look so rosy.

The game is badly in need of an entire overhaul and the proposal announced earlier this month to introduce a reserves league should be an ideal start.

The model set by Barcelona – a club that nurtures its own football stars – and Bayern Munich, who strike the right balance between maintaining a healthy financial position and attaining success, should be followed.