AC Milan €150 million on the transfer market without the Champions League? How Cardinale did it, the impact on the accounts and the future strategy
AC Milan are on the rampage despite the lost revenue, but how can such a major transfer window be sustainable even without qualification for next season’s Champions League?
First Goncalo Ramos, then Mario Gila and now Diego Moreira. AC Milan have gone wild in the transfer market, with spending on those three already reaching around €150 million depending on bonuses.
That is a huge outlay and it has surprised plenty of people. In reality, though, the way it has been structured means it remains sustainable even without the income lost from missing out on next season's Champions League.
Much of that is down to Gerry Cardinale, the market and player trading, along with accounts put on a secure footing in previous years, because it is the cycle of buying and selling that has so far allowed the club to complete these deals. Now let us look in detail at how the Rossoneri have moved.
Stop to financial fair play
As mentioned, it starts with routine management. Over the last three seasons, that has almost always ended in profit and has allowed the club, on the one hand, to put its accounts in order without structural liabilities and, on the other, to close the matter, to be able to definitively exit the settlement agreement with UEFA.
For this season at least, AC Milan are effectively in the same position as Como: free to invest before possibly being placed under observation again.
Player trading, Cardinale thank Newcastle and Manchester City
AC Milan's transfer business, at least on a yearly basis, will benefit from income generated by deals completed in the recent past, delivering a second capital gain and another positive boost to the accounts.
Specifically, the sales by Newcastle and Manchester City of Tonali to Tottenham and Reijnders to Al-Qadsiah have brought around €9 million and as much as €14 million respectively into the Rossoneri's coffers, for a total of €23 million.
The impact of the three signings
Looking at the financial impact of Moreira, Gila and Ramos, all three handed five-year contracts, the combined amortisation charge will come to around €30 million, excluding bonuses (9+5.6+14.8).
Even taking into account only the €23 million raised from Reijnders and Tonali, the figure in the 2026/2027 accounts would be a "mere" €7 million loss, but the market is still active and the wage bill must also be taken into account.
The salaries
By signing Gila, AC Milan have played their joker as the player still qualifies for the benefits of the growth decree. Add in the impact of Ramos and Moreira, and the annual rise in the gross wage bill comes to €21 million gross.
Some of that figure, reports the Gazzetta dello Sport, had already been offset in this case too because, compared with the 2025/2026 financial year closed on 30 June, the wage costs linked to Fullkrug (not signed permanently), Bennacer (contract termination), as well as Odogu and Athekame (both sent out on loan), have dropped out.
So far, the impact on the wage bill stands at €13 million and, consequently, the negative impact for wages alone would be €8 million.
Player trading for other moves
The tolerance threshold between squad cost ratio and club revenues will drop again, and that is the key factor AC Milan will have to consider.
For Serie A, the limit must be 70% and the deficit must not exceed €30 million to avoid coming under UEFA's scrutiny in terms of Financial Fair Play.
With Champions League income gone and Europa League income much lower, AC Milan will still see an increase compared to last season's zero UEFA income, which makes it possible to offset the strain imposed by these three major signings.
Player trading, however, will remain fundamental if the club are to keep operating, both in the short term and in the future.
Why the yeses to loans
Selling players on a permanent basis is what every club wants. But Milan are also starting to get some "yeses" to loan moves, even for big names such as Nkunku, and it remains to be seen whether the same will apply to Leao. The reason is simple: on a yearly basis, the outgoing amortisation share plus wages would still make signings easier, including permanent ones. What matters is not the total overall outlay, because credit lines and bank guarantees are enough for that, but the annual impact that weighs on the accounts.
If Nkunku were to leave even on loan, for example, Milan would have room in the squad for a signing worth around €17 million in annual impact between amortisation cost and salary.
And the future?
In simple terms, they need to sell players or move them on before they can buy again. Looking more broadly to next season, though, and to avoid leaning so heavily on player trading, they will first and foremost need an excellent Europa League run, but above all qualification for the next Champions League.
Take qualification for this season alone: Inter have already earned more from the Champions League than AC Milan would earn by winning the Europa League. That is why finishing at least fourth is the most important objective for all our clubs.
