CF: €47.4m positive impact – what Milan’s summer mercato means for the accounts

By Oliver Fisher -

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.

Tags AC Milan


  1. But the club is increasing debt.

    In case were you buy De Ketelaere for 35 mill, you still need to pay 35 mill, and if you sell him for 27, you lost the difference…

    Thats why it is better to smart buy, and sell expensive.

    But in examples above, Milan have small ammortisation on Rebic, but enormous on Caldara and De Ketelaere.

    Vranckx, Diaz, Bakayoko, They are all on loan, but 2 of them had huge salary.

    Buying new players is more of art than science.

    But once you made mistake, it is better to sell next year like De Ketelaere, and cut ammortisation than keep player like Caldara,

    1. They aren’t increasing debt at all. You should Re-read the article. Yes there is a negative balance of 39m in transfers but the club earned a profit last season and will increase revenues this season. Like I’ve been saying all among if you increase revenues, that gives you more cash to safely spend on players without running afoul of FFP.

      1. Dude, you cant spend the money on players, and later on sell for less price. It is capital loss minusvalenza.

        Rebic is example of minusvalenza. If Milan sell Caldara for 2 million it is minus valenza.

        Messias should be plusvalenza next season, but still Milan lost the money on Messias purchase.

        In example where you buy 1 player for 35 million and and sell him for 23 million next year, you lost the money. No matter where you find the difference from revenue: in commercial, ticket or broadcasting area.

    2. Caldara was an exchange of almost equivalent value I believe if my memory serves me correct but I get your overall point. It also depends on how they treat income and expenses from an accounting standpoint for a given fiscal year. For instance, we could realize all of Tonali money this year but his expense might have been amortized for a longer period. Or consolidate everything to this year (I believe this would be most likely). Not sure what they recommend for Serie A though for accounting practices.

      1. So you sell Tonali and make plusvalenza only in this year…
        And next year you don’t have revenue from players sale untill you sell others players.
        And expenses from this year players arrivals continue, untill theirs contracts runs.
        In terms of next 4 years Milan will spend almost 240 million for these players who arrived this year.

        But if they continue to play good and each year they reach Champions league you had excellent business. Because you sold one time Tonali for 70 million to have 8 players or whatsoever for four years just for 240 million…

    3. No need to worry about that ,as long as club debt not increase. Real buy hazard 100m euro and later terminated his contract,MU buy pogba 100m euro and he go free transfer,Real buy bale more than 100m euro and he go free transfer. None of that affected to the club as long as debt still in control. You buy CDK 35m euro that dont mean you should sell him 35m euro +++ at all cost , some times player performance unstable

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