Roma invested approximately €115 million in transfer fees but still generated an estimated €3.75 million positive impact on their 2026/27 accounts, according to Calcio e Finanza.
Roma completed an ambitious summer transfer window after returning to the Champions League, strengthening Gian Piero Gasperini’s squad with significant investments in attack and defence.
According to estimates published by Calcio e Finanza, the incoming operations produced approximately €51.37 million in additional costs for the 2026/27 financial year.
The club’s outgoing business generated an estimated €55.12 million in benefits through capital gains, loan income, salary savings and reduced amortization costs.
The resulting net impact is therefore estimated to be positive by €3.75 million.
Roma Record €105.5 Million Negative Transfer Balance
Roma’s transfer balance and the accounting impact of the window present two very different pictures.
The club invested approximately €115 million in transfer fees while receiving €9.5 million from the principal permanent outgoing operation included in the analysis. That produces a negative transfer balance of €105.5 million.
However, transfer fees paid for players on permanent contracts are normally spread across the length of their agreements through amortization. The full value of a signing does not necessarily appear as an immediate cost during the first financial year.
The accounting calculation also considers gross salaries, loan fees, capital gains and the savings created when players leave the squad.
| Indicator | Estimated value |
|---|---|
| Additional costs from incoming operations | €51.37m |
| Proceeds from primary sales attributable to 2026/27 | €9.50m |
| Estimated capital gains | €3.15m |
| Total benefits from outgoing operations | €55.12m |
| Transfer-fee balance | -€105.50m |
| Net impact on 2026/27 accounts | +€3.75m |
Calcio e Finanza estimates; figures in millions of euros.
Santiago Castro Leads Gasperini’s Roma Revolution
Roma’s most significant new investment was Santiago Castro, who joined permanently from Bologna and became Gasperini’s new number nine.
The Argentine striker’s transfer was valued at approximately €35 million, while his contract runs until 2031. According to Calcio e Finanza, Castro represents the incoming operation with the highest annual cost on Roma’s 2026/27 accounts.
The club also made Donyell Malen’s move from Aston Villa permanent after the conditions included in his original January agreement were satisfied.
Malen has immediately justified that investment by opening the new season with five goals in two Serie A matches.
Roma Invest in Koulierakis, Molina and Mora
Roma strengthened their defence by signing Konstantinos Koulierakis from Wolfsburg for approximately €17 million plus bonuses. The agreement also reportedly includes a percentage of a future sale for the German club.
Nahuel Molina arrived permanently from Atlético Madrid in a deal valued at up to approximately €17 million, including bonuses. The Argentine returned to Serie A after his previous spell with Udinese.
Roma also invested €25 million to sign Rodrigo Mora from Porto. The Portuguese club retained a 50% share of a future resale, although Roma can reportedly remove that clause by paying an additional €25 million.
The 19-year-old has already opened his Serie A account, scoring during Roma’s 4-0 victory over Lecce.
Balerdi and De Roon Complete the Window
Leonardo Balerdi joined from Marseille on an initial paid loan worth approximately €1 million.
The deal reportedly contains a €16 million option to buy that can become mandatory if certain sporting conditions are met.
Marten de Roon then reunited with Gasperini after ending his long association with Atalanta. The experienced midfielder added leadership and an extensive understanding of the coach’s tactical system.
The complete conclusion to Roma’s summer business can be found in our transfer-window roundup.
Roma’s New Signings Add €51.37 Million in Annual Costs
The value of Roma’s investment becomes clearer when examining how the incoming operations affect the current financial year.
According to Calcio e Finanza, the new signings will create approximately €22.25 million in amortization costs during 2026/27.
Roma will also account for approximately €1 million in loan costs and €28.12 million in gross salaries for the incoming players.
| Incoming cost | Estimated value |
| Amortization of new signings | €22.25m |
| Loan costs | €1.00m |
| Gross salaries of incoming players | €28.12m |
| Highest annual-cost operation | Santiago Castro |
| Total additional costs | €51.37m |
Calcio e Finanza estimates; figures in millions of euros.
Departures Generate More Than €45 Million in Savings
Roma received relatively limited immediate proceeds from permanent departures, but the outgoing operations produced substantial savings on salaries and amortization.
Tommaso Baldanzi remained at Genoa after spending the second half of last season with the Rossoblù. The clubs reportedly converted the previous arrangement into a new agreement containing a guaranteed purchase obligation worth approximately €9.5 million.
Artem Dovbyk joined Bologna on loan with an option to buy, with his departure creating significant salary savings.
Angeliño moved to Deportivo La Coruña on loan with an option, while Marash Kumbulla joined Rayo Vallecano. Jan Ziolkowski was loaned to Monza with an option to buy, and Zeki Çelik departed after reaching the end of his contract.
According to the estimates, Roma generated €9.5 million in proceeds from the principal sales considered and another €6.5 million in loan revenue.
Capital gains were estimated at €3.15 million, while savings on salaries, amortization and previous loan costs amounted to approximately €45.47 million.
| Outgoing benefit | Estimated value |
| Proceeds from principal sales | €9.50m |
| Loan income | €6.50m |
| Estimated capital gains | €3.15m |
| Savings on salaries and amortization | €45.47m |
| Total benefits from outgoing operations | €55.12m |
Calcio e Finanza estimates; figures in millions of euros.
Why Roma’s Accounts Show a Positive Impact
Roma’s €105.5 million negative transfer balance reflects the difference between investments in player registrations and the proceeds generated by the primary sales included in the analysis.
The estimated €3.75 million positive accounting impact measures something different. It spreads transfer costs across contracts and includes the financial benefits created by departures.
Roma therefore invested heavily in the squad without increasing the estimated cost of the 2026/27 financial year beyond the savings generated through outgoing operations.
The figures also help explain how the club continued investing while reducing its wage bill by approximately 15%, as Tony D’Amico discussed during his first press conference as Roma sporting director.
These remain estimates rather than Roma’s official financial results, but they provide an important picture of the strategy behind the club’s summer activity.
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