Flamengo have completed the signing of Emerson Royal from AC Milan, paying around €9m for the right-back.
The deal marks a significant drop in the player’s market value since his move from Tottenham Hotspur in 2021.
According to Globo Esporte, the 26-year-old was close to joining Turkish side Besiktas on loan. However, Flamengo submitted a last-minute offer for a permanent move. That proposal was more attractive to both Milan and the player.
Initially, Milan preferred a loan, presumably so they didn’t have to make a capital loss on what they paid Spurs, but negotiations progressed quickly on Wednesday, and they accepted Flamengo’s bid.
The transfer represents a financial loss for Milan. The Italian club signed Emerson Royal from Tottenham just last year for a reported €15m. The current fee of €9m shows a sharp depreciation in under 12 months.
This outcome also affects Spurs. The quick sale at a loss means they are unlikely to receive any meaningful bonuses or add-ons from the original deal.
For reference, Tottenham bought Emerson from Barcelona in 2021 for €30m, with a further €5m in potential add-ons.
Before his time in England, Emerson had impressed at Atlético Mineiro. He then moved to Europe with Real Betis, had a brief spell at Barcelona, and eventually joined Spurs.
He made 101 appearances for the North London club, scoring four goals and providing two assists. Last season at Milan, he played 26 matches, starting 22 of them.
Returning to Brazil was not part of his initial plan. Still, the project offered by Flamengo – and the chance to gain visibility with the national team – helped change his mind.
Despite a solid European résumé, his market value has clearly dropped.