Spinazzola's transfer on the 30th of June, so capital gain for 18/19 most likely. That brings the total capital gains of 18/19 to €107m atleast. €43.7m in the first half (Caldara, Cerri, Mandragora), €36.7m in the second half (Audero, Sturaro) as confirmed in the HY accounts and now €26.6m (Spinazzola). Then there is temporary disposal of €26.9m (HY gave breakup of €13.4m only including Higuain, Favalli, Cerri and Pjaca- probably split the loan fees over 2 halves). That's a lot just to balance books and something similar or more would be required especially since expenses are increasing with high wage players like Ramsey, Rabiot and DeLigt coming in.
Now wondering who's going to be the capital gains for 19/20. Can't think of many players left to sell: Perin, Cancelo, Rugani, Pjanic, Kean, Cuadrado... got to be some of those I think, as their book values are lowest compared to potential transfer fees.