Milan beaten to Karetsas as Borussia Dortmund secure €32m+ bonus deal

Multiple sources confirm Milan were too late on Konstaninos Karetsas, as Borussia Dortmund shook hands today with KRC Genk for €32m plus add-ons.

The Rossoneri tried to go a different route by presenting their sporting project via a direct call with coach Ruben Amorim over the last few days.

However, they were unable to make a firm bid until first making sales, and were ultimately beaten to the punch.

Karetsas is going to Borussia Dortmund

UTRECHT, NETHERLANDS – JANUARY 22: Konstantinos Karetsas of Genk runs with the ball during the UEFA Europa League 2025/26 League Phase MD7 match between FC Utrecht and KRC Genk at Stadion Galgenwaard on January 22, 2026 in Utrecht, Netherlands. (Photo by Lars Baron/Getty Images)

Borussia Dortmund were by far the more determined club and flew in with director of sport Ole Book today, who got the final details over the line.

Multiple sources confirm the fee will be €32m plus add-ons that are relatively easy to achieve, including a cut of the future sale.

The asking price had been €40m, and the first offer that was turned down reached a reported €30m plus €5m in bonuses.

The 18-year-old Greece international is a creative midfielder in a trequartista role, the kind of characteristics that are missing from the current Milan squad.

Borussia Dortmund can also provide Champions League football for Karetsas, so Milan were always playing catch-up.

Milan's failure to sign Karetsas means no immediate squad boost from this target; consider Dortmund's strengthening when assessing their Bundesliga and European competitiveness.