AC Milan could still record a profit in their transfer accounts this summer if Rafael Leao is sold, according to financial journalist Matteo Spaziante.
Spaziante, speaking about the club’s financial position during the transfer window, said Leao remains the player capable of generating the greatest return. A sale worth €40m could produce a total positive impact of about €41m once the capital gain, amortisation savings and pre-tax salary savings are included.
The Portuguese forward’s transfer would represent a capital gain of €28.8m, while a further €12.2m could be saved through reduced amortisation and wages. That would mean AC Milan could still show a book profit from their overall transfer activity, even though the club has already committed €150m to new signings.
Spaziante told Milan News, citing La Gazzetta dello Sport: “How can the deficit be covered? The way is to sell players. First is Leao, who is still the player who can bring in the highest income: selling him for 40 million euros, accounting for a capital gain of 28.8 million euros, plus about 12.2 million euros saved from amortization and pre-tax salaries, can bring in a total positive return of about 41 million euros. Selling this Portuguese player, even if Milan has already invested 150 million euros in new signings, the overall transfer operation can still achieve a book profit. But this is not the only way: selling Tomori for 10 million euros and Fofana for 15 million euros, including capital gains and salary savings, would also be enough to bring the transfer accounts back into positive territory.”
Alternative departures could also resolve the issue. Spaziante said sales of Fikayo Tomori for €10m and Youssouf Fofana for €15m, with capital gains and salary reductions taken into account, would be sufficient to return the club’s transfer accounts to positive figures.
AC Milan would not necessarily be forced into selling players before the end of the current window, however. If no departures take place during the final 12 days, the club could still rely on future activity and its existing financial position to manage any loss.
Spaziante added: “What if no players leave in the last 12 days of the transfer window? First, we must not forget that the window at the end of June has already opened, and considerable capital gains may still be generated then. Overall, as of June 30, 2025, Milan’s net assets are approximately 200 million euros, and the loss for the 2025-26 fiscal year will only take up a very small part of this. Therefore, at least on paper, even if the loss is higher, the club can easily absorb it, provided that they return to the Champions League as soon as possible: only in this way can the financial situation return to balance without relying on player trading.”
The journalist’s assessment is that AC Milan’s finances remain manageable on paper because the club had net assets of about €200m as of 30 June 2025. Even a larger loss during the 2025-26 financial year would account for only a small proportion of that figure.
A return to the UEFA Champions League is viewed as the key longer-term requirement. Qualifying for Europe’s leading club competition would allow the club to restore financial balance without having to depend on regular player sales.
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