AC Milan have been among the most active of any Italian team when it comes to the summer transfer window, and the financial impact has been explained.
Calcio e Finanza start their report by recalling Milan’s eight signings so far: Marco Sportiello, Ruben Loftus-Cheek, Tijjani Reijnders, Yunus Musah, Noah Okafor, Samuel Chukwueze, Christian Pulisic and Luka Romero.
At the same time, the Rossoneri made three sales: Sandro Tonali to Newcastle, Ante Rebic to Besiktas and Marco Brescianini to Frosinone.
The contracts of goalkeeper Ciprian Tatarusanu and striker Zlatan Ibrahimovic expired, while four other players returned to their respective clubs after their loans ended: Brahim Diaz, Aster Vranckx, Tiémoué Bakayoko and Sergino Dest .
Among the players who have instead been loaned out are Matteo Gabbia (dry loan to Villarreal), Daniel Maldini (loan with option and buy-back to Empoli), Charles De Ketelaere (paid loan with option to buy to Atalanta) and Junior Messias (loan with obligation to buy to Genoa).
The most expensive operation was Pulisic (€20m transfer fee plus €4m net salary), but Chukwueze, Musah and Rejinders also cost €20m though their salaries are lower. Among the new arrivals, the least expensive player is Romero, on a free transfer.
The incoming operations – including depreciation of players purchased outright and gross salaries – should translate up to now into higher costs of over €57m.
However, these higher costs have been offset – albeit only partially – by outgoings. Tonali’s unexpected sale set the record for most expensive in the club’s history and also the second largest capital gain in history.
The other two sales are those of Rebic and Brescianini, which should bring a total of €1m (in the case of Rebic there is a capital loss to consider, offset by savings on depreciation and gross salary). These two transfers should have had a positive effect of just over €4m.
In addition, the Rossoneri recorded loan exits for a positive impact of around €10m. The most significant concerns De Ketelaere, for whom Milan received a €3m loan fee and save his salary for next year.
According to estimates by Calcio e Finanza, the outgoing operations should have a positive impact of around €104.7m for the 2023-24 budget.
This figure is arrived at by adding the capital gains/losses, the savings on depreciation (in the case of players sold outright) and the savings on gross salary for players who left the Rossoneri squad compared to the 2022-23 season.
Therefore, the impact on the 2023-24 budget of the summer mercato concluded so far should translate – according to estimates – into a positive impact of approximately €47.4m.
The actual cost of the squad has increased around 15% so far (the sum of depreciation and gross salaries) compared to the 2022-23 season, while waiting for any new signings in the final fortnight.
On the other hand, considering only the balance between income and expenses with regards to transfer fees (only permanent transactions), the transfer market session for Milan ends with a negative balance of €39m.
Incoming operations were financed in part by the sale of Tonali and possible thanks to the excellent state of health of the club’s accounts, which – pending official data – closed the balance sheet with a profit in the 2022-23 season.