Messi’s Real Estate Firm Rostower Reports €7.5M Loss in 2024

by Michael Brown - Business Editor
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Lionel Messi’s success on the soccer field, evidenced by a record number of Ballon d’Or awards, has translated into significant wealth, but recent financial filings reveal challenges even for the sporting icon. His real estate firm, Rostower, reported a loss of nearly €7.5 million in 2024, a 317% year-over-year increase in red ink, according to recently released company accounts. The results highlight the complexities of diversifying revenue streams, even for high-profile athletes.

Messi, who currently plays for Inter Miami, established Rostower in 2013 to consolidate his real estate holdings. At the end of last year, the company transitioned into a Socimi – a Spanish publicly traded real estate investment company – and began trading on the Portfolio Stock Exchange. This structure offers a favorable tax regime, exempting the company from corporate income tax, but requires it to distribute at least 80% of its profits as dividends, which are then subject to individual taxation for shareholders. Socimis typically focus on renting urban properties, including residential buildings, hotels, commercial spaces, and offices. Rostower currently has a market capitalization exceeding €223 million.

The business generated €7.1 million in revenue for Messi in 2024, primarily from rental income, though this figure represents a 3.9% decrease from the previous year. The reported losses are largely attributed to a €5.8 million write-down in the valuation of Rostower’s real estate investments. While not representing an immediate cash outflow, the accounts indicate a decline in the value of the company’s properties. The company has not yet responded to requests for additional information.

Messi’s property portfolio includes a range of assets, such as residences in Barcelona’s upscale Sarrià-Sant Gervasi neighborhood and Castelldefels, a duplex in London spanning 445 square meters, an apartment in central Paris measuring 395 square meters, and a property in Ibiza. He also owns office buildings in Sitges and Castelldefels, as well as the Rostower Building in Barcelona’s Eixample district.

A significant portion of Rostower’s revenue stems from its hotel holdings, which contributed €5.7 million in income through its subsidiary, Explotaciones Rosotel. Until recently, Messi operated these hotels under the MiM brand in partnership with the Majestic Hotel Group. However, in November, he reached an agreement with Meliá Hotels International to manage the six hotels – located in Sitges, Sotogrande, Mallorca, Ibiza, Baqueira Beret, and Andorra – under The Meliá Collection. He also maintains another hotel property in the Valle de Arán, operating independently of this partnership.

Like many athletes, Messi has invested a portion of his substantial earnings into real estate, providing a recurring income stream. He serves as president of Rostower, with his wife, Antonela Roccuzzo, as vice president. Ramón Adell, a BBVA board member, and Alfonso Nebot, a trusted business advisor, also serve on the company’s board.

Nebot heads Limecu España 2010, the holding company that owns 100% of Rostower and manages all of Messi’s business ventures. In 2023, Limecu España 2010 reported revenues of €109.3 million (a 49.5% increase) and profits of €15.1 million (a 34.9% increase), largely driven by Leo Messi Management, which handles his image rights.

Messi’s long-standing endorsement deal with Adidas, signed in 2007, is estimated to be worth around €25 million annually, plus additional revenue from sales of his Inter Miami jersey. He also has a partnership with Apple TV, which shares subscription revenue from MLS broadcasts, according to reports from The Athletic. He has previously served as a brand ambassador for Pepsi, Lay’s, YPF, and Louis Vuitton, among others.

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