Milan's sporting collapse costs over €70 million, as €515 million in transfers fail to deliver.

Visiting Casa Milan and reviewing the financial statements gives the impression of a sophisticated and healthy company. Fashionable collections, international partnerships, economic discipline... However, Milan is "also" a football club, and on-pitch performance remains its core business. RedBird has just completed its fourth year of management. While awaiting the close of the 2025-26 financial year, turnover, excluding player trading, has surged by 66%, with three consecutive profits recorded. Yet, since their 2022 Scudetto triumph under Elliott, the Rossoneri have finished fourth, second, eighth, and fifth in Serie A. They have secured just one trophy – the 2025 Italian Super Cup – and, more significantly, have failed to qualify for the Champions League for the second successive season. This disappointing run has prompted the ownership to implement a "profound reorganisation of the sporting department". This has seen the dismissals of CEO Furlani, sporting director Tare, coach Allegri, and technical director Moncada. Consequently, the club must now provision for their salaries until their contract expiry dates, an estimated €22 million, in the financial year ending June 30, 2026. While this figure could decrease through settlements (for instance, with Allegri if he takes another managerial role), the €22 million represents just one of the financial repercussions of this season's failure. The other, far more significant, impact stems from the missed Champions League revenues. 

Financially, for a club of Milan's stature, missing out on Europe's premier club competition costs between €60 million and €90 million, factoring in UEFA prize money, gate receipts, and commercial revenue. This is what the club faced in 2025-26. Next season, with Europa League participation, the financial hit is estimated at around €50 million. However, it's not solely about money; this setback also slows and complicates the entire industrial plan envisioned by Gerry Cardinale. When the RedBird founder acquired Milan in the summer of 2022 for €1.2 billion, the Rossoneri's mantra was sustainable growth, independent of shareholder contributions. Increased commercial revenues, bolstered by consistent Champions League participation, cost control, and strategic player trading, led to financial equilibrium and cash generation, which was continually reinvested into the squad. RedBird's equity injections (€55 million) were solely used to fund costs associated with the new stadium. A closer look, however, reveals that the last two financial statements ended in profit thanks to two significant player sales: Tonali, generating a €44 million capital gain in 2023-24 (a €4 million profit), and Reijnders, whose €42 million capital gain was accounted for in June 2025, contributing to a €3 million profit in 2024-25. This highlights how market investments have inevitably burdened the club's finances. 

Milan rightly prides itself on significant spending during transfer windows. The figures indeed paint a clear picture: €108 million spent on transfers in 2022-23 (De Ketelaere €37m, Loftus-Cheek €18m) with no sales; €124 million spent in 2023-24 (Chukwueze €21m, Musah €21m, Pulisic €21m) against €84 million in sales; €123 million spent in 2024-25 (Gimenez €30m, Fofana €26m) with €78 million in sales; and an estimated €160 million spent in 2025-26 (Nkunku €37m, Jashari €34m) against €100 million in sales. This totals €515 million in transactions, with a net spend of approximately €250 million. While Rossoneri executives have kept the wage bill stable (€150 million for registered staff, consistent with the start of the RedBird era), they have invested heavily in "player cards". Consequently, the annual sporting cost (salaries + amortisation) has hit €250 million this year, pulling ahead of Roma and Atalanta (€200m) and closing in on Inter (€260m), with Juventus at €320m and Napoli at €290m. By contrast, Como, who stunned Milan on the final day, operates on a budget of around €130 million. This starkly illustrates the scale of the errors made.

This article was originally written in Italian by La Gazzetta dello Sport editor. The English version has been generated using AI translation tools. If you notice any translation errors or have suggestions, please contact us at iniziativegazzetta@rcs.it