Last season's Milan got almost everything wrong, if not everything. From the coaching choices to the players’ on-field performances and the decisions made during both the summer and winter transfer windows, the club struggled across the board. The loan strategy, in particular, failed to deliver the expected results: only Pierre Kalulu was bought outright, by Juventus, for €14 million. That deal registers as a full capital gain for Milan (as the Frenchman had arrived on a free transfer from Lyon), but it’s Juventus who appear to have gotten the better end of the deal, as relayed via Calciomercato.com.
Are there exceptions?
Looking at cases individually, a special mention must be made for Davide Calabria and Kevin Zeroli, as their loan moves to Bologna and Monza respectively were not driven by financial motives. The former Rossoneri captain was sent to Bologna on a paid loan six months before his contract expired, after a fallout with Sergio Conceição, which nearly escalated into a physical altercation following a Milan-Parma match. This episode merely accelerated a separation that had already been decided months earlier by the club's management. As for Zeroli, the dry loan to Monza was based on Milan’s belief in the young midfielder’s long-term potential. In fact, just yesterday, Kevin rejoined Monza again on loan with no purchase option.
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Loanees who were not retained...
Despite a solid season featuring 5 goals and 7 decisive assists from the midfielder position, Yacine Adli will not be bought by Fiorentina: the Viola will allow the €10 million purchase option to expire. The French midfielder wishes to stay at Milan and fight for his place, but the management seems to have other ideas. Empoli's relegation to Serie B has also ended any chance of signing Devis Vásquez and Lorenzo Colombo permanently: both will return to Milan but are likely to be moved again. Noah Okafor, who briefly joined Napoli and won the Scudetto, also won’t be retained. The €23.5 million buyout clause was always considered excessive given the Swiss striker’s inconsistent form prior to the move.
The only return greeted with real satisfaction is that of Alexis Saelemaekers. His time at Roma improved the Belgian winger across the board, and Allegri is reportedly eager to keep him in the squad next season.
Who is still under discussion?
After paying Milan €1 million for his loan in January, Marseille will not activate the €12 million buy option plus €3 million in bonuses for Ismaël Bennacer. However, this doesn’t mean they’ve lost interest: both Mehdi Benatia and Roberto De Zerbi believe strongly in the Algerian midfielder and are working to persuade Giorgio Furlani and Igli Tare to either renew the loan or agree to a discounted permanent transfer. Similarly, Bologna considers Milan’s €12 million price tag for Tommaso Pobega too high. Despite a good season under mentor Vincenzo Italiano, Bologna’s Giovanni Sartori unsuccessfully requested a discount. Massimiliano (likely Allegri) has approved the midfielder’s return, considering him valuable both for squad registration requirements and the type of football Milan’s new coach aims to implement. Discussions are also ongoing regarding Marko Lazetic’s possible stay at TSC: the Serbian striker played 43 matches but only scored 3 goals.
What about Alvaro Morata?
Morata joined Galatasaray in January on loan with a buy option. The Turkish club immediately paid Milan €6 million for the temporary transfer. The option to buy—valid until January 15, 2026—is set at €8 million, payable in six installments. If Galatasaray doesn’t exercise the option by that deadline, they can extend the loan for free until June 30, 2026, though the buyout clause would then rise to €9 million. The Turkish adventure went well overall for the former Atlético Madrid forward, who scored 7 goals and delivered 1 assist in 16 appearances across league and cup matches. Still, despite winning the title over rivals Fenerbahçe, Alvaro is reportedly considering an early exit from Istanbul. His strong bond with Allegri may not be enough to repair his strained relationship with Milan, and a return to Spain now appears far more likely.
