GdS: Cardinale injects €50m to boost Milan’s equity – what it means for the mercato

Gerry Cardinale has boosted AC Milan’s shareholders’ equity by €50m, according to a report, and a further capital increase is expected in the coming months.

After a very busy summer, both on the management side and signings-wise, it’s becoming very clear that Cardinale is now heavily involved in the Milan project. The summer mercato wasn’t just a one-off, with the owner now planning further investment in the team.

According to Gazzetta dello Sport this morning, Cardinale actually injected another €50m to boost the club’s shareholders’ equity a few weeks ago. While some might think this is related to the loss for 2025-26, it’s not as the club’s shareholders’ equity was already strong.

The above is something we explained in one of our most recent Substack long reads. We took a look at the club’s current situation, what shareholders’ equity actually is, and what it means for the future. If you want to know more, we highly recommend giving it a read.

Capital increase for the mercato

Seeing as the shareholders’ equity was already strong, as the pink newspaper continues, this is a clear sign that Cardinale is ready to invest more in the team. And as if the €50m wasn’t enough, a further capital increase is planned for the coming months, with the figure yet to be determined.

Of course, the fact that 2025-26 did end up in the red has surely affected the American. As the paper goes on, after three consecutive profits, the loss was a big blow and a wake-up call as Milan have been out of the Champions League for two consecutive seasons as well.

The Europa League will help offset some of the losses this season, but given the hefty signings, it should also end up in the red. As such, it’s more important than ever for Milan to finish in the top four this season; Cardinale needs to make sure of it.

In other words, the capital increase is not to cover for losses and to stay in line with financial regulations, but rather to help the team get back to the big competition. That’s why the January mercato will also be key.

As the paper concludes, Milan have been linked with the likes of Goncalo Inacio and Endrick in recent days. If the capital increase tells us anything, it’s that the Rossoneri are ready to invest more and that could perhaps lead to the signing of the duo.