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Greece May Be Cut by S&P

Milan Soccer Teams Won’t Spend Heavily in Transfer Window

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July 5 (Bloomberg) -- Italy’s top two soccer teams, AC Milan and Inter Milan, are likely to limit their spending during the remainder of the summer transfer window, according to club officials.

Champion AC Milan has already recruited defenders Philippe Mexes and Taye Taiwo as well as attacking midfielder Stephan El Shaarawy and may add one more midfielder, director Umberto Gandini said. He dismissed media links with Manchester City’s Carlos Tevez. Inter, which had won five straight titles before coming second last season, will only recruit new players if some are sold first, Chief Executive Officer Ernesto Paolillo said.

“We have to sell, then after we have sold we will see what Inter will buy,” Paolillo said in a telephone interview today. “First move will be selling and not buying.”

Both teams are trying to limit operating losses in an effort to meet new financial control criteria established by European soccer’s governing body, UEFA. Clubs that don’t meet the “financial fair play” guidelines risk being suspended from the Champions League, the continent’s top club competition.

Seven-time European champion AC Milan announced in April that its annual loss widened to 69.8 million euros ($101 million) from 9.8 million euros as broadcasting revenue and income from player sales declined. Inter’s accounts show it lost 500 million euros in the three seasons to 2009.

“Absolutely, we are thinking of financial fair play,” Paolillo said. “That’s why we will start selling, otherwise we will not buy anything.”

Paolillo declined to give a figure for how much three-time European Cup winner Inter is trying to raise or how many players it’s trying to move on. “We don’t give any indication to the market because if we give indication the market is not good for us,” he said.

Carlos Tevez

One player linked with both teams is Argentine striker Tevez. He issued a statement yesterday saying he wanted to quit the U.K. and media reports said he may move to Milan.

Gandini said “there is no interest from us on Tevez,” and Paolillo declined to speak about any individual players.

Milan’s pursuit of an extra midfielder depends on a ruling from the country’s soccer authorities on the number of non-European Union players teams can have in their squads, Gandini said.

The transfer window closes on Aug. 31.

To contact the reporter on this story:
Tariq Panja in London on  at

To contact the editor responsible for this story:
Christopher Elser at  at