AC Milan and Inter Milan Finalize San Siro Acquisition
In a pivotal advancement toward establishing a new stadium, AC Milan and Inter Milan have finalized the acquisition of the San Siro urban functionality. The announcement was made on Wednesday, detailing the signed deed of sale with the Milan municipality, which includes the iconic Giuseppe Meazza Stadium and its surrounding areas. This agreement marks a significant turning point, as the local council had already given its approval in September.
Plans for a New Stadium
The clubs were working against a looming deadline of November 10, coinciding with the 70th anniversary of the second tier of the San Siro. This milestone could have complicated plans for demolition due to the stadium’s historical status. AC Milan and Inter are planning to replace the current 99-year-old venue with a new shared structure capable of accommodating 71,500 spectators, with an expected completion date aligning with the 2030-31 season. Notably, the San Siro has been home to Milan since 1926 but has seen no significant renovations since the 1990 World Cup held in Italy.
Budget and Legal Considerations
According to reports from La Gazzetta Dello Sport, the estimated budget for the new stadium is around €197 million (approximately £174 million or $226 million). However, inquiries are underway, as the Milan prosecutor’s office is exploring potential legal issues related to bid-rigging concerning the arrangement.
Joint Statement and Vision
A joint statement from the clubs highlighted the importance of this transaction, indicating the ambitious plans for the new stadium and also a broader urban regeneration initiative in the San Siro district.
The clubs, under the guidance of their respective owners—RedBird and funds overseen by Oaktree—are asserting a long-term vision for sustainable growth and sporting success.
Design and Financing
To ensure that the new stadium meets global standards, AC Milan and Inter have enlisted the expertise of renowned firms Foster + Partners and MANICA for the design and master planning of the stadium and its environment. This initiative aims to not only create an architectural landmark for Milan but also to establish a center of excellence that aligns with the city’s cultural identity, enhancing the urban area with modern, sustainable, and accessible designs.
Financing for this ambitious project has been secured through international banking leaders, including Goldman Sachs and J.P. Morgan, with further support from local banking partners Banco BPM and BPER Banca, solidifying the financial backbone needed for this transformative venture.
