The numbers behind Serie A’s transfer window


Serie A registered as the second-highest spending league in Europe after extraordinary sums were spent by AC Milan and Juventus.

The two Italian giants spent €343.7 million between them (AC Milan – €194.5 million, Juventus – €149.2 million), making up more than one-third of Serie A’s total outlay (38.21%).

Such expenditure is expected from perennial champions Juventus, who haven’t failed to win the competition since 2011, but the actions of AC Milan’s new owners could suggest a potential changing of the guard in the future.

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Chinese businessman Yonghong Li (centre) acquired a 99.3% stake in AC Milan in April 2017, spending €1 billion to purchase the majority sharehold, cover management costs and improve the squad.

2. Serie A – Spent £809.92 million / €899.56 million

Majority shareholders Rossoneri Sport Investment Luxembourg, a Hong Kong-based company, have expressed their desire to propel AC Milan back into the forefront of Italian football by essentially arming Vincenzo Montella with a new squad for the 2017/18 campaign.

FC Porto’s Andre Silva (€38 million), Bayer Leverkusen’s Hakan Calhanoglu (€22 million) and Wolfsburg’s Ricardo Rodriguez (€18 million) are just a few of 11 first-team signings secured over the summer, while Leonardo Bonucci swapped the black and white of Juventus for the red and black of AC Milan in the window’s most shocking transfer.

Meanwhile, Juventus splashed €40 million to acquire highly-rated Fiorentina attacker Federico Bernardeschi and €20 million for Paris Saint-Germain midfielder Blaise Matuidi, while a further €37 million was spent to land Medhi Benatia and Juan Cuadrado on a permanent basis.

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Average spend from clubs in Serie A: €44.96 million. Average net profit from clubs in Serie A: €-6.79.

Though AC Milan stole the headlines with numerous big-money deals, the above table reveals that most Serie A sides were willing to invest in the squads over the summer, even at the risk of running into the red.

In fact, 11 of the 20 teams turned over a net loss, though only AC Milan and Napoli’s losses were in excess of €45 million (AC Milan recorded a net loss of €162.5 million, Napoli recorded a net loss of €49.05 million).

In a comparison between the top-two spenders, AC Milan and Juventus, the former were willing to spend whatever was necessary to improve the squad, while the latter were largely able to fund their new signings by offloading players deemed surplus to requirements (Juventus spent €149.2 million yet only recorded a net loss of €25.3 million, as opposed to AC Milan who spent €194.5 million and recorded a net loss of €162.5 million).

Though there wasn’t an abundance of overspending done in Serie A, at least in terms of teams being able to fund transfers mostly with fees gathered from selling players, there wasn’t a great deal of net profits made, either.

Only six teams were able to gather net profits in excess of €10 million – Sampdoria and Chievo the only teams outside the top 10 last season to do so – with Torino (€57 million) and Lazio (€42.55 million) recording the most.

Unsurprisingly, Serie A has the highest average spend (€44.96 million) out of the four European leagues looked at so far, and recorded the highest average net loss (-€6.8 million).


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