A year after leaving for Anderlecht, Simic has been sold to Saudi Pro League giants Al-Ittihad.
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When the sale of Simic to the Belgian club was settled, the Rossoneri reserved 20 per cent of any future resale.
The overall deal is worth €21 million, divided into €6 million for the loan fee and €15 million for an obligation to buy. Ultimately, this will bring in approximately €4 million for AC Milan.
Simic came through the youth system at Milan and made his senior debut under former coach Stefano Pioli.