AC Milan have spent over €400 million on player acquisitions since Gerry Cardinale’s RedBird Capital completed its takeover on August 31, 2022, according to a report in Gazzetta dello Sport. The investment has not always yielded the desired results, with several signings failing to make a significant impact at the San Siro.
The spending began before Cardinale’s full influence, with the deal for Charles De Ketelaere being finalized by the previous ownership group led by Elliott Management. Following that, Cardinale initially relied on Paolo Maldini and Ricky Massara for transfer business during the January 2023 window, before handing full responsibility to CEO Giorgio Furlani and Technical Director Geoffrey Moncada for the 2023-24 and 2024-25 seasons. More recently, Furlani has been paired with Sporting Director Antonio Tare for the 2025-26 window.
Christopher Nkunku represents the club’s most expensive signing under the new ownership, arriving for a reported €37 million. However, the report suggests that several other acquisitions have underperformed expectations. Emerson Royal, Álvaro Morata, and Noah Okafor are specifically mentioned as players who have not lived up to their price tags, with some departing after short spells at the club.
Despite the substantial outlay, Milan have also generated revenue through player sales, notably with the departures of Tijjani Reijnders and Sandro Tonali. These sales have partially offset the overall spending, but the report indicates Cardinale’s dissatisfaction with the effectiveness of the club’s recruitment strategy across multiple transfer windows. The club’s owner expressed concerns regarding the performance of those responsible for identifying and securing new players, suggesting a potential shift in approach going forward. A restructuring of the scouting and recruitment departments could be considered to improve future transfer outcomes and ensure a more efficient use of funds.
