What happened: Sandro Tonali is on his way back to England to finalize a switch from Newcastle United to Tottenham Hotspur worth a reported €116m (£99.5m) including bonuses, with roughly €108m in fixed fees. The transfer makes him the most expensive Italian footballer in history and Tottenham's record signing.
Why it matters: The deal reaches back to Tonali's 2023 exit from AC Milan, who inserted a 10% sell-on clause when they sold him to Newcastle. That clause now converts a routine sale into a payday for a club no longer involved, underscoring how front-loaded modern transfer accounting rewards the selling side long after a player moves on.
By the numbers: Newcastle bought Tonali for €60.8m in 2023; his residual book value sits near €27.5m. Against €108m in guaranteed fees, Newcastle post a capital gain of about €80.4m. Milan's clause entitles them to 10% of that gain, just above €8m, plus €1.62m in solidarity contributions for training the player between ages 12 and 23 — a total of €9.66m per Calcio e Finanza.
What to watch: Watch for official confirmation from both clubs once Tonali completes his medical in North London, and how Milan books the incoming windfall against their summer spending.