Inter Milan's Summer Transfer Window: Zero Budget or Starting at a Negative €25 Million? Rising Star Sets the Example

In the midst of Juventus’s surprising and ruthless decision to sack Massimiliano Allegri, a move splashed across Italian media headlines, another story continues to unfold: the ongoing financial chess game between Steven Zhang, Oak Tree Capital, and Pmico over the control of Inter Milan. Despite the coverage of this financial struggle, another pressing question looms large for Inter fans and the club’s management: what will Inter Milan's transfer budget look like this summer?

Initially, many believed that with improved financial statements, increased revenue from a second star, and entry into the Club World Cup, Inter Milan’s financial position would be stronger than in the past two years. It was expected that their transfer budget would be zero—no initial funds, but at least no requirement to generate significant profit through player sales. This would be a marked improvement from previous years. However, recent reports from team insiders suggest a more daunting scenario: Inter might start the summer transfer window with a negative budget of €20-25 million.

The original report states: “This summer’s transfer market will be delicate, complex, and challenging for the staff at Inter’s headquarters. The club does not need to generate very significant capital gains—like €50 million—but achieving a profit of €20-25 million might better suit Inter's needs.” This situation is not unprecedented for Inter. For example, in the 2023-24 season’s two transfer windows, Inter managed 12 incoming and 12 outgoing transfers, raising €129 million from player sales and spending €70.75 million on new signings, resulting in a market profit of €58.6 million. While the club didn’t explicitly set a “negative N-million starting” goal, they worked hard towards financial security without compromising the team’s competitiveness. This is what Marotta often refers to as “creative market operations.”

Based on this, one can boldly predict that this summer, Inter will likely continue to operate under the principles of “sell before you buy,” viewing high-priced sales as opportunities rather than disasters, and prioritizing player value for money over reputation during signings. This strategy will likely remain until Inter achieves financial balance or even profitability.

However, the pressing question remains: if Inter faces a €25 million deficit, how will they meet this challenge? Team insiders reveal that Inter’s transfer team doesn’t plan to actively sell key players. Instead, they aim to employ the “Fabian model.” This model involves selling young talents like Valentin Carboni or Satriano to raise funds, while retaining a buy-back clause. This approach allows Inter to generate immediate funds while preserving the option to repurchase these players if they reach their potential.

Fabian’s case is well-known: he transferred to Bologna last summer for €5 million, but Inter retained a €12 million buy-back clause valid until 2025. Currently valued at €12 million by Transfermarkt, Fabian’s value could rise if he breaks into the national team, making a future repurchase financially advantageous. However, the principle of not actively selling core players doesn’t mean they won’t sell if necessary.

Some fans argue that Inter should sell Lautaro for €80-120 million, considering it unwise to hold onto him. While there is some logic to this, it overlooks a key factor: Inter cannot dictate who to sell and for how much. Star player transactions are buyer-driven. Wealthy clubs decide whom they want, at what price, and when. If Inter publicly announces they are open to offers for a key player, it could lead to a significant drop in the player’s market value and internal unrest within the squad. Therefore, Inter must passively await external offers, evaluating good prices when they come, even if the timing and target might not align with the club’s expectations. Proactively pushing to sell key players could be more harmful than beneficial.

Emphasizing this point, the challenging nature of Inter's upcoming transfer window is confirmed by the remarks of Marotta, Ausilio, and Baccin, who have all highlighted the summer’s difficulties. The suggestion of a starting deficit of €25 million appears to be a real possibility. How Inter will navigate these challenges remains to be seen.

In summary, Inter Milan is approaching a highly challenging transfer window, marked by a potential starting deficit of €25 million. The club will likely rely on creative market operations and strategic sales of young talents with buy-back clauses, all while maintaining the principle of not actively selling key players unless absolutely necessary. The outcome of these efforts will significantly shape Inter’s competitiveness and financial health in the upcoming season.