In addition to working on arrivals, AC Milan's sporting director Igli Tare is reportedly also carrying forward outgoing negotiations, despite a stalemate phase that, in the long run, could disrupt the Rossoneri club’s strategies in this transfer window.
Alvaro Morata
Milan, Como, and the player have already agreed on everything — only the final green light from Galatasaray is missing. In this story, the Turkish club is playing the role of the main antagonist. Toward the end of last week, everything seemed finalized, but the wall raised by the Turks seriously risks complicating and dragging out a matter that had long been closed, at least between Milan and Como. In all of this, Morata would move to the Larian club under the same terms with which he had flown to Turkey in January.
Malick Thiaw
Here too, the situation is the same: Milan and Como have reached an agreement for the German’s transfer, but he has yet to open up to the destination. More than staying in Italy, Malick Thiaw would prefer to return to the Bundesliga, in order to fight for a spot in the next World Cup. However, for now, no German club has stepped forward for him — unlike Como, which has put a solid 25 million euros on the table.
Yunus Musah
Also included in this long list of outgoings is Yunus Musah. With the Napoli track having fallen through, the American midfielder is liked by several Premier League clubs, such as West Ham, Wolves, and Nottingham Forest, but none of them have yet made an official offer.
Yacine Adli and Ismael Bennacer
With the arrival of Samuele Ricci, the number of midfielders in Milan’s squad increased. Therefore, there’s a need to slim down that area of the pitch, with Yacine Adli and Ismael Bennacer as the main candidates to do so. Of course, Massimiliano Allegri will evaluate them during these weeks of preseason, possibly changing his mind, but the feeling is that the future of both could lie either in Saudi Arabia or in Qatar.
Noah Okafor
Milan intends to maximize the exit of the Swiss winger, confirming that he too does not fit into Massimiliano Allegri’s plans for next season. In recent days, the former Napoli man went as far as rejecting Flamengo. Besiktas is said to have inquired about Okafor, who is also on the radar of other European and South American clubs.
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Milan with a key renewal on the agenda: Mike Maignan
Just under a week before the training camp at Milanello kicks off — the starting gun will fire on July 7 — Allegri and Tare have already laid part of the foundation for the new Milan. While waiting for the transfer market to deliver what's still needed beyond Modrić and Ricci, the new duo leading the Rossoneri’s sporting area already know they can count on Leão — who was immediately called by Allegri to convey his central role — and on Mike Maignan.
The French goalkeeper, after a turbulent last season filled with ups and downs, mistakes and trademark miracles, and with a new contract virtually agreed upon and then “withdrawn” by Milan, seemed to be on his way out, headed for London, specifically Chelsea. That didn’t happen because the clubs failed to reach an agreement, although Mike had been open to a move to the Premier League. He even tried to push things forward a little through his agents, but never to the point of a full rupture. The calls from the coach from Livorno were crucial, as Allegri was eager to work with such a high-level and strong-character player like the former Lille man.
Tare, in last week’s media briefing at Casa Milan, summed up the situation:
“Maignan is not leaving — he’ll be at Milan next season too. There was interest from a Premier League club, but no agreement was reached. We also know Maignan is a reference point not only on the pitch but off it as well. We’ve decided to count on him and to move forward together. The market is unpredictable, but for us he remains a cornerstone of this team. We need to bring back some excitement, and that’s why we’re trying to understand what’s needed to improve this team: all the players we bring in will be functional to this project, which is about raising the quality of a team that was already strong.”
CEO Furlani continued along the same lines:
“There was interest from an English club, but it was not considered compelling. Mike is an important player for Milan and he behaved very professionally, as did his agent: they were open to the interest, but at the same time there was no pressure from their side. The medium- and long-term future will be judged by results.”
The season will begin in an "unusual" situation from a financial perspective: Maignan is entering the final year of his contract, which expires on June 30, 2026, and at the moment, there do not seem to be the right conditions for a renewal. The sting of the winter handshake — which was never formalized — is still too fresh. Mike will take time to think and decide about his future.
It’s a unique situation for the American-owned Milan, which — after losing Donnarumma, Kessié, Romagnoli, and Çalhanoğlu for free — now has an internal policy that prioritizes selling key players rather than letting them walk for nothing.
Allegri and Tare, therefore, have a delicate and crucial task ahead: to mend the rift, help the player perform at his best, and convince him that staying at Milan is the right choice — especially from a sporting standpoint.
What about Milan's situation besides the transfer market?
In September 2022, UEFA announced that it had signed a “Settlement Agreement” with several clubs, including Milan, for failing to meet the break-even requirement under Financial Fair Play regulations for the monitoring period ending with the 2021/22 season. The Rossoneri agreed to a three-year settlement deal, accepting a €2 million fine, with an additional €13 million contingent upon compliance with the agreement.
The settlement agreement was drafted taking into account the impact of the pandemic on clubs’ financial health during the reporting periods ending in 2020, 2021, and 2022. The agreement signed with UEFA covered, in order:
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- The four reporting periods ending in 2022, 2023, 2024, and 2025;
- The four seasons: 2022/23, 2023/24, 2024/25, and 2025/26.
With the closing of the latest financial year yesterday — pending official communications from UEFA — Milan has exited the Settlement Agreement regime. The Rossoneri successfully passed the required monitoring period, having recorded three consecutive years in the black (two officially certified, one pending publication this fall).
At Via Aldo Rossi, the club complied with both the "Football Earnings Rule" and the "Squad Cost Rule". Under UEFA rules, clubs under monitoring must limit football-related earnings deficits within an acceptable deviation (5 million euros). However, losses can exceed this threshold up to 60 million euros if they are covered by shareholders’ equity. With Milan posting profits in the last two fiscal years and a third set to close positively, the club is well within safe margins. The same goes for the Squad Cost Rule, which states that squad-related costs must not exceed 70% of total revenue.
Here too, the Rossoneri are comfortably within limits, with a squad cost ratio of around 60%. Even though Milan will not participate in the Champions League next season — increasing the risk of a negative balance — the excellent financial management in recent years protects the club from any violations over the next three-year UEFA monitoring period. According to MilanNews.it, projections for the next financial year indicate a positive closing between €23 and €25 million, thanks to the profitable sales of Kalulu (pure capital gain) and Reijnders.
As for the 2025/26 season, the club is starting with a potential shortfall of around €80 million (from lost Champions League prize money and TV rights), which Milan can cover by drawing on its positive net equity — €196 million as of June 30, 2024 — or by making further high-value sales.
Has Milan now “freed” itself from FFP and gained full freedom to spend as it pleases? No — UEFA’s three-year rolling monitoring will continue year by year: the Squad Cost Rule and the maximum allowable deficit of €60 million across the triennium remain non-negotiable benchmarks. The “advantage” is that Milan is no longer bound by interim targets like during the Settlement period and no longer faces a looming threat of new fines or squad list restrictions in UEFA competitions.
