Explaining Milan's budget for the 2025 summer mercato [Bonus Article]

It took me a little longer to get around to it this time, but welcome to the annual mercato budget article! Given the major developments on all fronts since the end of May, it was probably for the best to wait with my prediction, but now there is definitely enough information to give a semi-good answer. Even if it might not be to the liking of everyone…

Before we get to the bottom of everything, I have to admit that this is probably the most difficult ‘budget explained’ article to date. Yes, there are certainties that we can go by, such as the lack of European revenue and the fact that we made one of our main signings already in January (Santiago Gimenez), but there is also so much uncertainty. Who will leave? Who are we targeting? How will the money be distributed?

Furthermore, loads of big developments took place during the course of writing this article. Some of these have actually helped give us a better picture of the summer, so it’s not all doom and gloom, even if we remain in a very speculative territory. Speculative or not, though, I’m certain that I can give you a better understanding of what Milan can do this summer.

In any case, the easiest way for me to explain the situation in a way that makes sense is to look at the player costs we had at the start of 2024-25, what the costs are now, how the financials are looking for 2025-26 and what that means for the transfer budget. As always, I will show concrete figures and examples to guide you through it all!