Worse Than the Banter Era [Newsletter]

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Feb 19, 2025

Where do we even begin? A lot has already been said about yesterday’s fiasco, from the journey since the Scudetto to the mentality issue that continues to haunt us. If we disregard the complex discussions for a second, though, the fact is that Milan have missed out on the Champions League knockout stages two seasons in a row. Not exactly to ‘focus on the league’ either, just through pure failure.

The gravity of the situation cannot be overstated. I know a lot of fans like to point to the infamous Banter Era and say ‘at least we are better now than we were then’. Maybe in terms of which competitions we are in, and some of the results achieved, but it’s equally true that a lot more money has been invested in the last five years. As a result, purely from a quality point of view, the squad is heaps better now.

During the Banter Era, we at least knew what we were getting. A lack of investment from the ownership and a tired fanbase led to low expectations, which occasionally resulted in great highs when things did go Milan’s way (the Supercoppa win in 2016, for example). Now, with expectations building over the last few years, everything has felt more like a car crash than anything.

In the last five seasons, Milan have a net spend - transfer fees collected minus transfer fees spent - of a whopping negative €254.88m. Meanwhile, the most successful Italian club in that period has a net spend of a positive €69.99m, namely our city rivals Inter. Granted that the Rossoneri had some high-spending summers during the Banter Era (2015 and 2017), today’s situation must be considered a bigger failure.

Why? Because Milan actually had a winning formula to build on in 2022, or at least some kind of foundation to make the most of. The Rossoneri didn’t exactly have this Scudetto enthusiasm to rely on when trying to get out of the Banter Era, nor did they have Champions League money to increase the budget. The enthusiasm has certainly vanished by now, and the same could happen to the UCL money.

Gerry Cardinale could make his arguments and say that on paper, Milan are better off now than then (Banter Era), which is probably true. However, it doesn’t feel like it from a fan perspective and that is what makes all of the difference. Following the team this season has been draining and rarely enjoyable, aside from the Derby della Madonnina and a couple of games here and there.

So where do we go from here? Honestly, I’m not sure. We just have to get on our knees and pray for a top-four finish, otherwise panic will be on the way. I will discuss the effects of missing out on the Champions League in a separate bonus article soon, the truth is that I’ve been putting it off as it won’t be a fun read. Until then, let’s hope for the best and Forza Milan.

News Bulletin

➤ Milan Futuro suffered yet another defeat in the league over the weekend, losing 1-0 to Pianese, deepening the risk of relegation and increasing the pressure on Daniele Bonera. However, no news of his sacking has since filtered, and if anything bringing Mauro Tassotti back seems to be a sign of trust.

➤ Milan Primavera’s unbeaten run was ended by Sassuolo on Saturday afternoon as they were beaten 1-0 in a play-off zone six-pointer. Daldum scored the only goal for the away side in the 87th minute as he fired in Minta’s low cross.

➤ There has rather predictably been quite a lot of fall-out after Milan's Champions League exit to Feyenoord. Zlatan Ibrahimovic and Zvonimir Boban had yet another on-air disagreement after the one earlier this season, with the Swede arguing the current squad is 'twice as strong' as the one that won the league in 2021-22.

➤ Amid reports in the build-up to the game that Theo Hernandez has asked for clarity from the directors regarding his renewal and was unhappy that they accepted an offer from Como, his red card hasn't strengthened his stance. In fact, La Gazzetta dello Sport (among other sources) are growing in certainty that this is his last season at the club.

➤ Sergio Conceicao's comments after the game were interesting, too. He began by telling Sky that he takes full responsibility for the elimination by Feyenoord, but then in the press conference he ranted about being compared to other Milan coaches and having little time to work. In the background, there remains the suggestion he could leave in the summer after just six months.

➤ A transfer news round-up: Milan will talk to Real Madrid about removing the buy-back clause for Alex Jimenez, Chelsea asked about Rafael Leao during the Joao Felix talks, Maxim De Cuyper is being scouted as Theo's potential replacement and the Rossoneri still lead the race for Samuele Ricci of Torino.