How much has AC Milan spent in the transfer market? - The Rossoneri management is working to complete its summer transfer operations ahead of the start of the 2023/24 Serie A season. The club has been active both in terms of incoming and outgoing transfers, with eight permanent signings (including players who will be part of the first-team rotations) and nine departures (including permanent deals, releases, and expired loans), in addition to four players being loaned out.
Starting with the acquisitions, AC Milan has secured the services of goalkeeper Marco Sportiello, midfielders Ruben Loftus-Cheek, Tijjani Reijnders, and Yunus Musah, and forwards Noah Okafor, Samuel Chukwueze, Christian Pulisic, and Luka Romero. No player has arrived on a temporary basis. Two players, Colombo and Caldara, have returned from loan spells and could find placements in the final days of the transfer window.
Simultaneously, the Rossoneri club has completed three permanent departures: Sandro Tonali to Newcastle, Ante Rebic to Besiktas, and Marco Brescianini to Frosinone. Contracts of goalkeeper Ciprian Tatarusanu and striker Zlatan Ibrahimovic have expired. Additionally, four players have returned to their respective clubs after loans: Brahim Diaz, Aster Vranckx, Tiémoué Bakayoko, and Sergino Dest.
Among the players loaned out are Matteo Gabbia (loaned to Villarreal), Daniel Maldini (loan with buyback option to Empoli), Charles De Ketelaere (loan with buyback option to Atalanta), and Junior Messias (loan with obligatory buyout to Genoa). The Maldini deal has no impact on the budget as the player was already loaned to Spezia in the previous season.
So, what is the financial effect of these transfer operations on AC Milan's 2023/24 budget? Calcio e Finanza has simulated the impact using data from official club announcements and information from reputable sources regarding values and salaries. These figures will be updated at the end of the summer transfer window, which closes on September 1st.
How much has AC Milan spent in the transfer market? - Incomings
Among the new signings, the most expensive operation for the 2023/24 season is the acquisition of Chelsea's forward Christian Pulisic (€20 million transfer fee and €4 million net salary). Chukweze, Musah, and Rejinders were also acquired for €20 million each, albeit with a lower annual cost due to lower salaries or amortization rates. The least expensive newcomer is Luka Romero, who joined on a Bosman deal.
Taking into account loan returns as well, according to Calcio e Finanza's estimates, the incoming operations, including player amortization and gross salaries, have resulted in additional costs of over €57 million so far. Now, let's see how these added costs have been partially offset by outgoing operations.
How much has AC Milan spent in the transfer market? - Outgoings
The departure that recorded the highest transfer value is the permanent transfer of Sandro Tonali to Newcastle. This unexpected transfer set a record for outgoing operations at AC Milan and, pending official financial data, ranks as the second highest capital gain in the club's history.
The other two monetized departures, Rebic and Brescianini, are expected to bring in a total of €1 million (Rebic's departure resulted in a capital loss, offset by savings on amortization and gross salary). These two departures should have a positive effect of just over €4 million.
Additionally, the Rossoneri club has recorded loan departures that contribute a positive impact of around €10 million. The most significant is De Ketelaere's departure, for which Milan received €3 million, and the club will not have to cover the player's wages for the next season.
According to Calcio e Finanza's estimates, outgoing operations should contribute a positive impact of about €104.7 million to AC Milan's 2023/24 budget. This sum is derived from adding realized capital gains/losses, amortization savings (for players transferred permanently), and gross salary savings for players leaving Stefano Pioli's team compared to the 2022/23 season.
How much has AC Milan spent in the transfer market? - Transfer Market Review
Considering both incoming and outgoing transfers, the impact on the 2023/24 budget from the completed transfer window is estimated to result in a positive impact of around €47.4 million.
Regarding the effect on the squad cost (excluding the positive impact of capital gains), this currently translates to an increase of approximately 15% (comprising amortization and gross salaries) compared to the 2022/23 season, pending potential new signings in the final weeks of the transfer window.
Considering only the net balance between incoming and outgoing transfers in terms of transfer fees (permanent transfers only), AC Milan's transfer window currently shows a negative balance of €39 million. Incoming operations have been partially financed by the Tonali transfer and are made possible by the club's healthy financial state. Preliminary data suggests that the club closed the 2022/23 season with a profit.
Article from Calcio e Finanza.
