AC Milan, the minimum fees needed to avoid capital losses on unwanted players
The next phase of AC Milan’s transfer window is expected to focus largely on outgoings. The club have already invested around €100m in transfer fees for Gonçalo Ramos and Mario Gila, two players highly valued by Rúben Amorim.
Milan’s business, of course, is not finished yet. They still need at least one more centre-back, a midfielder if sales are completed, a wing-back - with the flank still to be decided - and at least one attacking midfielder. That is without considering the young players still being monitored, such as Comotto, Camarda, Ossola and Kostic.
Sales will therefore be necessary: to create space in the squad in terms of costs and list restrictions, and to bring fresh energy to Milanello. Above all, Milan must avoid recording capital losses.
The graphic below shows the minimum sale price required for each surplus player to avoid a capital loss. In most cases, those figures should be comfortably within reach. Players such as Fikayo Tomori, Rafael Leão and Youssouf Fofana could generate significant capital gains. Finding a buyer willing to pay at least €20m for Santiago Gimenez may prove more difficult, however, and a loan with an obligation to buy appears a more likely route.
Milan surplus players: minimum fees needed to avoid a capital loss
| Player | NBV as of 30/06/2025 | 2025/26 amortisation | Minimum sale threshold projected to 30/06/2026 |
|---|---|---|---|
| Bennacer | 2,806 mln | 1,403 mln | 1,403 mln |
| Chukwueze | 13,149 mln | 4,383 mln | 8,766 mln |
| Musah | 12,707 mln | 4,236 mln | 8,471 mln |
| Tomori | 11,302 mln | 5,651 mln | 5,651 mln |
| Loftus-Cheek | 9,687 mln | 4,844 mln | 4,844 mln |
| Leão | 16,818 mln | 5,606 mln | 11,212 mln |
| Fofana | 19,500 mln | 6,500 mln | 13,000 mln |
| Gimenez | 26,844 mln | circa 6,711 mln | 20,133 mln |
| Bondo | 9,251 mln | circa 2,313 mln | 6,938 mln |
| Estupinan* | 17,000 mln | 3,400 mln | 13,600 mln |
The figures are calculated by projecting to 30 June 2026 the net book value shown in Milan’s 2024/25 accounts.
*Calculation based on an assumed investment of €17m. Milan, the annual accounting cost of surplus players
Milan, the annual accounting cost of surplus players
| Player | 2025/26 amortisation | Gross salary | Annual cost |
|---|---|---|---|
| Bennacer | 1,403 mln | 7,440 mln | 8,843 mln |
| Chukwueze | 4,383 mln | 5,200 mln | 9,583 mln |
| Musah | 4,236 mln | 2,600 mln | 6,836 mln |
| Tomori | 5,651 mln | 4,600 mln | 10,251 mln |
| Loftus-Cheek | 4,844 mln | 5,100 mln | 9,944 mln |
| Leão | 5,606 mln | 7,050 mln | 12,656 mln |
| Fofana | 6,500 mln | 5,500 mln | 12,000 mln |
| Gimenez | circa 6,711 mln | 4,500 mln | circa 11,211 mln |
| Bondo | circa 2,313 mln | 1,850 mln | circa 4,163 mln |
| Estupinan | 3,400 mln | 4,860 mln | 8,260 mln |
The combined annual cost of the 10 players is around €93.75m.
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