For anyone who was growing up in the 90s ‘Golaccio’ was one of the most iconic shouts from the television.

The term, often confused for ‘Goal Lazio’, means ‘Great Goal’ in Spanish and signalled that it was time for another dose of Football Italia on Channel 4. James Richardson sat in a cafe looking out to a Piazza in Milan, Florence or Rome with ‘La Gazzetta dello Sport’ in one hand and a Cappuccino in the other, ready to bring football fans the week’s happenings in Serie A.

The Italian top flight had the best teams with the best players. It was the centre of European football. La Sette Sorelle (The Seven Sisters), Juventus, Internazionale, AC Milan, Lazio, Roma, Fiorentina and Parma, all fighting it out for one of the most sought after prizes in world football. Five of the seven would also be regular fixtures amongst the elite of the European game.

But this period of posterity fell into decline as James Richardson, quoted in the Guardian, explains: “Many of these teams were built on borrowed money and had fanciful expectations about future incomes. And when the TV bubble burst, the whole thing collapsed."

Clubs who had over-estimated their potential fortunes were badly affected and forced to sell their best talent. Lazio and Parma, who had built great sides, were two of the clubs most affected.

Still, in the 2002/2003 season three Italian teams - Milan, Inter and Juventus - reached the Champions League semi-final, with Milan going on to beat Juventus on penalties in a cagey final at Old Trafford.  However, the financial problems would soon be joined by financial irregularities, alleged match fixing and crowd violence which brought about one of the country’s darkest periods in football with Serie A retreating into further decline, compounded by the Calciopoli scandal in 2006.

Five Serie A teams, Juventus, Milan, Fiorentina, Lazio and Reggina, were implicated for attempted match-rigging; trying to select officials of their choice as they looked for advantages in certain games. One of the more bizarre stories of the period was of the controversial Juventus director Luciano Moggi locking a referee in the dressing room.

The result of this would see Juventus stripped of two Serie A titles and demoted to Serie B with a points deduction while the other four clubs remained in Serie A but with heavy points penalties. Those that had finished in the European spots in 2006 were denied entry to play in European competitions for the following season. Italian football had reached its lowest ebb.

However this is not an obituary, reminiscing about what Italian football was. Instead Italian football may be set for a Renaissance as clubs emerge from the darkness which has blighted the game with a structured plan, both on and off-field.  It may not be long before the Italian game comes back to the fore on the European football cycle.

The high-spending days of clubs are mostly over as they look to avoid falling into the traps that caught them out previously. Coupled with the new financial rules set out by UEFA, Italian football has been paving the way for a more sophisticated business model as clubs get their house in order.

Fiorentina and Napoli, two of Italy’s most famous clubs, have teetered on the edge of oblivion and pulled themselves back into the light in a much healthier state. Fiorentina were Italy’s most profitable club in 2009/2010 while Napoli have recorded profits in four consecutive seasons (2007-2010). This is a long way from where they were at the turn of the millennium, when both sides found themselves in the third level of the Italian league system, Serie C, and suffered the indignity of losing their original name.

There are still concerning financial issues; only this season Bologna were deducted three points because of failure to pay players their wages, but the game is healthier than ever. Both La Viola and Napoli are back playing under their original names, and along with Palermo and Udinese have a positive outlook on and off-field. A pro-active scouting regime sees some of the most promising young players playing in Serie A.

Palermo and, more so, Udinese are the symbol for the new era. With their extensive scouting networks the clubs are monitoring and purchasing players as far as field as Africa and South America, and closer to home in Central and Eastern Europe.

The naive and tiresome criticism that the Peninsula is full of aging players has not been helped by Inter Milan winning the Champions League in 2010, but on taking a wider poll, viewers will see that Serie A is home to some of the most dynamic, exciting and talented youngsters in football. A mixture of home-grown and foreign talent.

Udinese are the envy of most clubs who have began to focus their efforts on youth, and you could not blame owner, Giampaolo Pozzo, for walking around with cartoon money signs flashing in front of his eyes, as if he’s in stumbled across a pot of gold.

From back to front their squad possesses an abundance of quality. Samir Handanovic in goals, Colombian Cristian Zapata the rock in defence, Chilean Mauricio Isla and Colombian Pablo Armero in the wing-back positions, Ghanaian Kwadwo Asamoah pulling the strings in midfield with the player on everyone’s lips, Chilean Alexis Sanchez, linking up with free-scoring Anotonio Di Natale up front. All but Handanovic and Di Natale are 24 or younger.

The “Barcelona of Italy”, from the small northeastern city of Udine, have qualified for the Champions League. However with vultures circling their impressive performers it may be a struggle for the team to hold on to them, especially with their long term strategy of selling their best players to fund further young player acquisitions.

Palermo are another side littered with bright young stars, with the rapid Abel Hernandez, technically gifted duo Javier Pastore and Josip Illic providing the firepower in the final third and a potential Italy number one in Salvatore Sirigu. Fiorentina can call on the imposing Michele Camporese in defence and exciting duo of Serbian Adam Ljajic and Montenegrin Stevan Jovetic in attack, not to mention the powerful Senegalese striker Khouma Babacar. At only 18 he has already played in a handful of games for the first team.

While in the upper echelons of the league, amongst their experienced and successful squads Juventus and both Milan sides have young players of their own that may grace the game for years to come.

AC Milan have previously spent big, particularly wages for players reaching the final stage of their careers at the top level. Ronaldo, Christian Vieri, Hernan Crespo, Ronaldinho and the re-signing of Andriy Shevechenko have offered little in return for their inflated salaries. However the Rossoneri have shown that they are capable of exploiting the transfer market to its fullest with the wonderful acquisitions of the Brazilian trio, Kaka, Alexandre Pato and Thiago Silva. Milan may continue the trend this summer with the signing of the midfielder Ganso from Santos.

He’ll join a side which, under Massimo Alegri has given opportunities to youngsters; Rodney Strasser, Ignacio Abate and Alexander Merkel. While the younger legs of Urby Emanuelson and Didac Vila were brought in during the January transfer window.

Across town the Nerrazzuri have young Italian international centre-back Andrea Ranocchia and Brazilian playmaker Phillipe Coutinho in and around the first team. Rivals Juventus have the other half of what could be a promising centre-back partnership for the Azzuri for the next decade in Leonardo Bonucci, as well as teenage Danish defender Fredrik Storenson.

It has been said that in Italy, managers are constantly weary of their twitchy chairman in need of instant success, therefore place their trust in the experienced players. In the last season or two there has been a change in trend with head coaches putting more trust in youth as they offer a greater exuberance and energy.

Away from the pitch there has also been a great effort to add youthfulness to Italian football. Italy’s clubs have been making steady progress financially with commercial, transfer and television deals. But one area they fall behind their European counterparts is in match day and ticket revenue.

Most clubs in Italy are playing in stadiums that they rent from the council, with the majority out-dated and decaying; last seeing extensive refurbishment and innovation when Italy hosted the World Cup in 1990.

Clubs are looking to amend this as they seen the potential benefits of owing your own stadium. Juventus are ready to move into their own home this summer, while in the capital, under new ownership, Roma are looking away from the high-rent Olimpico. The American consortium, led by Thomas DiBenedetto, will look to maximise revenues to create a more competitive Roma side, and one way to do so is for a new stadium.

New stadiums will create a healthier image for Italian football. The concrete bowls will be replaced with modern facilities that are common in English and German football where arenas make viewing more appealing.

It may encourage a new generation of fans lost to crowd violence and unwelcoming stadia to sample the new surroundings. It will be a further, structured, step in closing the gap on Europe’s elite, who enjoy significant match day incomes. It may in turn allow Italian clubs to be even more competitive on the continental scene.

It is on the continent where Italy has suffered most, despite two recent Champions of Europe coming from the peninsula. From next season only three Champions League places will be up for grabs. This, however, could be a blessing in disguise; at the beginning of the season Sampdoria failed to get through the Champions League qualifiers and are now looking towards a season in Serie B having been relegated last week.

It will leave the three best sides to increase the country’s co-efficient, and generally three clubs have been capable of making their way into the knock-out stages. However, it is once the Italian sides reach the knock-out stages that there have been troubles. This was highlighted this season as Milan, Roma and Inter fell to Tottenham Hotspur, Shakthar Donetsk and Schalke respectively. These sides do not have the allure, and arguably quality, of the three Italian teams, yet their high-tempo approach nullified Italy’s slower paced outlook

But with clubs putting more trust in youth and dynamism it would be hugely surprising if the same problems persisted next year.

AC Milan, Juventus, Internazionale, twists and turns, goals, misses, exuberant celebrations, tantrums, tragedy, San Siro, San Paolo, epic encoutuners, Napoli 4-3 Lazio, AC Milan 4-4 Udinese.

In a decade's time, football fans may be looking back at the 2010/2011 season as the beginning of another pinnacle of Italian football.

Joel Sked can also be found on Twitter.