Milan’s €150 million push for Champions League tests its balance sheet

Milan, under new owner Gerry Cardinale, has launched a €150 million transfer spree after the Massimiliano Allegri era flopped, targeting a swift return to the Champions League (UE) following two seasons without qualification. The club’s latest signings – Goncalo Ramos, Mario Gila and Diego Moreira – illustrate the ambition to rebuild the squad and recoup European revenue.

The new Milan, directed by Gerry Cardinale, has refused to curb spending after the Massimiliano Allegri experiment failed. The €150 million budget has already produced three arrivals – Goncalo Ramos, Mario Gila and Diego Moreira – which constitute the club’s only signings to date.

Spending and new signings

Accounting for the next season, the three deals will add roughly €51 million in extra costs, split into about €30 million of amortisation and €21 million of gross wages. Ramos alone will cost approximately €24 million per year for each of the next five seasons.

The club will partially offset these outlays through loan departures of Athekame and Odogu, saving around €2.7 million in wages. Additionally, the exits of Fullkrug and Bennacer will reduce the payroll by about €4 million.

Balancing the books

Milan also benefits from past transfers, receiving roughly €14 million in bonuses from Manchester City for the sale of Reijnders to Saudi Arabia and about €9 million from Newcastle for Tonali’s move to Tottenham. Combined with the savings, these inflows total €30 million, leaving a net negative impact of €21 million from the current market activity.

One way to reverse the deficit is to sell Leao for €40 million, which would generate a positive effect of around €41 million when accounting for a €28.8 million capital gain and €12.2 million in amortisation and wage savings. Alternatively, off‑loading Tomori for €10 million and Fofana for €15 million could also bring the balance back into the black.

If no transfers materialise in the final twelve days, the window remains open beyond June, allowing further plus‑value opportunities later in the year. Milan’s net assets stand at roughly €200 million as of 30 June 2025, a figure that can absorb a larger loss provided the club quickly regains Champions League participation.

The contrast between a €150 million spending plan and the reliance on player sales underscores how Milan’s financial stability hinges on a prompt return to the Champions League. Without that European revenue, the club will need to continue trimming the squad to keep the books balanced.