Tottenham Hotspur have reached an agreement with Newcastle United to sign midfielder Sandro Tonali in a transfer worth €116m (£99.5m), a figure that establishes a new record for an Italian footballer. The deal comprises approximately €108m (£92m) in guaranteed payments plus up to €8.75m (£7.5m) in performance-related bonuses.
The 26-year-old was spotted at Milan’s airport on Tuesday preparing to fly to England for his medical examination, with the formal completion of the move expected imminently. Tonali will sign a six-year contract with the North London club, marking a significant statement of intent from Spurs as they rebuild under head coach Roberto De Zerbi.
Financial structure and Milan’s share
The transfer represents a substantial profit for Newcastle, who signed Tonali from AC Milan in July 2023 for an initial €60.8m. However, reports differ regarding the exact sum Milan will receive through a 10 per cent sell-on clause negotiated in that original deal.
According to football finance specialists, the clause applies to capital gains rather than the total transfer fee. With Newcastle’s capital gain estimated at €80.4m, Milan would receive approximately €8m plus €1.62m in solidarity contributions, totalling €9.66m. Other sources suggest the Rossoneri are entitled to over €10m based on a percentage of the full fee. The discrepancy reflects varying interpretations of the contractual terms between the clubs.
Contract terms and De Zerbi’s influence
Tonali has agreed personal terms with Tottenham, though sources vary on his exact remuneration. Reports cite figures ranging from €12m per season to £275,000 per week. Either valuation would place him among the highest earners at the club.
The Italy international was reportedly eager to work with De Zerbi, with their professional relationship cited as a key factor in his decision to push for the transfer. Tottenham faced competition from Arsenal and Manchester United earlier in the summer, but emerged as the sole serious contenders after Newcastle rejected an initial £80m proposal.
Add-ons and Champions League conditions
While the base fee is guaranteed, the additional £7.5m in bonuses will prove challenging to activate. These add-ons are reportedly dependent on Tottenham qualifying for the Champions League on multiple occasions during Tonali’s contract—a demanding target given the club narrowly avoided relegation last season.
The transfer will surpass Tottenham’s current club-record signing once completed, providing Newcastle with significant funds to reinvest in Eddie Howe’s squad ahead of the new campaign.