Arrivederci. Toronto FC buys out hefty contracts of Italy's Insigne, Bernardeschi

Toronto FC is parting ways with Italian designated players Lorenzo Insigne and Federico Bernardeschi, ending an expensive and unsuccessful partnership.

The struggling Major League Soccer club said their contracts had been mutually terminated, with TFC using its two permitted buyouts of their guaranteed deals.

"After several meaningful discussions, we are happy to have found a solution that is agreeable to all parties involved," Toronto GM Jason Hernandez said in a brief statement Tuesday.

The two Italian designated players arrived to much fanfare — with paycheques to match — midway through the 2022 season. But they could not return the club to its former glory.

Insigne, 34, was making $15.4 million US this season, second only to Lionel Messi's $20.5 million. Bernardeschi, 31, was earning $6.295 million this season, sixth-best in MLS.

Insigne's contract ran through June 2026 with an option for the remainder of the year, while Bernardeschi's deal covered 2026 with option years through 2028.

It was not money well spent.

Toronto (4-10-5) currently sits 13th in the 15-team Eastern Conference, four places and 11 points below the playoff line, and 26th overall in the 30-team league. It has not made the playoffs since 2020, when it stumbled at the first hurdle.

Their departure means Toronto is without a designated player, with two such spots available.

Under MLS roster rules, a designated player aged at least 24 only carries a salary budget charge of $743,750, no matter how much they are paid.

"The designated player strategy is a critical component to Toronto FC's success in Major League Soccer and the club will continue to prioritize TFC's short-, medium- and long-term strategy in the weeks ahead," said MLSE president and CEO