Football · The Window LedgerPublished · 2026-08-13
The Window Ledger
€1,337m in, €1,250m out: Serie A's 2025/26 ledger across 517 moves
What the league paid, what it recouped, and the 72% of its business that carried no fee at all.
THE BACK PAGE · the money behind the move · ACTUAL SPORTS MEDIA
Across 2025/26, Serie A recorded 517 incoming moves. 147 of them carried a disclosed fee; the other 370 (72%) were frees, loans or undisclosed.
Spent
€1,337m
Disclosed incoming fees, 2025/26.
Banked
€1,250m
Disclosed fees received, 2025/26.
Net
+€87.3m
Spend minus receipts. Not a profit-and-loss — wages and amortisation are not in this record.
Deals with no disclosed fee
72%
Undisclosed is a real outcome, not a missing number, and is never estimated here.
| Player | From | To | Fee |
|---|---|---|---|
| Christopher Nkunku | Chelsea | AC Milan | €37.0m |
| Ardon Jashari | Club Brugge | AC Milan | €36.0m |
| Francisco Conceição | Porto | Juventus | €32.0m |
| Sam Beukema | Bologna | Napoli | €31.0m |
| Nico González | Fiorentina | Juventus | €28.1m |
| Lorenzo Lucca | Udinese | Napoli | €26.0m |
| Roberto Piccoli | Cagliari | Fiorentina | €25.0m |
| Nikola Krstović | Lecce | Atalanta | €25.0m |
A league ledger measures money moved, not quality bought. The share of business done without a fee is the number most often skipped, and it is usually the majority of it.
Transfer record, fees and market values: ACTUAL TRANSFER MARKET (actualtransfermarket.com). Analysis: ACTUAL SPORT INTELLIGENCE.
Confidence HighEvidence Actual Sport IntelligencePublished 2026-08-13Partial wages, amortisation withheld — the evidence didn't support it
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