Ramos the highest-paid ever, Rabiot paid less than Cisse, Odogu and Athekame.

Milan's accounts for the year ended 30 June 2026, which the club's shareholders' meeting will approve, reveal the official figures for many transfer deals concluded during Igli Tare's tenure. They also cover deals concluded by Cardinale himself, including Goncalo Ramos's arrival at Milanello by 30 June, when the Albanian sporting director had already been stripped of his authority.

Figures revealed by Radio Rossonera, exclude any potential bonuses that may have been triggered after 30 June or could yet be triggered. Those bonuses do not affect last season's accounts.

Accounts in the red

After three consecutive years of profits from 2023 to 2025, AC Milan have posted a loss. Their deficit stood at around €24 million as at 30 June 2026. Turnover stood at around €464 million, with revenue down by about 6% compared with the 2025 accounts because they did not compete in cup competitions.

With turnover growth now established and sponsorships and player trading also on the rise, AC Milan have chosen to include the Goncalo Ramos deal in their 2026 accounts. That will limit its impact on the accounts closing on 30 June 2027.

Even without bonuses, the transfer fee is substantial: AC Milan have paid PSG €73.1 million.

Nkunku and Jashari over 30 million

Igli Tare has completed two AC Milan deals, each carrying a transfer fee of more than €35 million.

AC Milan paid Chelsea €37.9 million, excluding bonuses, for Chirstopher Nkunku, while Ardon Jashari left Bruges for €35.7 million.

Ricci, De Winter and Estupinan

Milan made three signings for around €20 million each.

The first and most expensive of the three has already left Milan for Como on loan: Samuele Ricci. Milan paid Torino €24.8 million for him.

Koni De Winter arrived from Genoa for a fixed fee of €21.4 million, while Pervis Estupinan joined Milanello from the Premier League for €18.3 million.

The three together are more expensive than Rabiot and Modric

In AC Milan's midfield, Luka Modric and Adrien Rabiot are the two most important players. The Croatian arrived on a free transfer, costing €1.8 million in commission. The Frenchman cost just €7.4 million while at odds with Marseille after his fight with Rowe.

Yet Milan spent more on three other players. Athekame cost €10.9 million and is now on loan at Lyon. Alphadjo Cisse joined for €8.4 million in February and left on loan for Catanzaro. Odogu arrived from Wolfsburg for €8 million and is now on loan at Toulouse.