The financials of the Serie A transfer market

The 2026 summer transfer window has officially closed and has had varying effects on the financial statements of Serie A clubs. Looking at Inter, Milan, Juventus and Napoli, what stands out most is the gap between the transfer balance – the difference between expenditure and revenue – and the impact of these transactions on the income statement, which takes into account depreciation, wages, capital gains, loan deals and savings on the squad.

Inter closed the transfer window with a positive impact on their 2026/27 accounts. The increased costs from incoming transfers, totalling over 56 million euros, were more than offset by the 65 million in proceeds from outgoing transfers, resulting in a positive balance of 9 million. The figures for player transfers tell a very different story: with €94.5 million spent and €30 million received, the balance is a deficit of €64.5 million. The situation is the opposite for Milan. Summer transfers resulted in increased expenditure of €81 million and proceeds from player sales of almost €75 million (a deficit of €6 million). The deficit on transfer fees is even wider: 155 million invested against 38 million received, resulting in a balance of -117 million following costly transfers. As for Juventus, the balance stands at 146 million. On the income statement, the gap is much narrower: 98 million in additional costs against just under 93 million in gains, resulting in a negative impact of 5 million. However, to this figure must be added the gain of over 17 million linked to the percentage share from the resale of Tarik Muharemovic, which more than offsets the negative balance generated by the transfer window. Napoli posted the best result. Incoming transfers generated additional costs of almost 49 million, whilst outgoing transfers yielded gains of 61 million: the balance on the profit and loss account is positive by 12 million. However, the Azzurri also have a negative transfer balance, mainly due to the permanent signings of Hojlund and Alisson Santos.