San Siro Stadium Purchase Approved
In a significant development for both AC Milan and Inter Milan, the local city council has given the green light for the clubs to purchase the iconic San Siro stadium. This decision was reached following an extensive debate lasting almost 12 hours, culminating in a 24-20 vote early Tuesday morning. The approval allows the clubs to proceed with plans to demolish the historic 99-year-old stadium, with intentions to construct a state-of-the-art arena designed to accommodate 71,500 spectators.
Joint Statement from AC Milan and Inter Milan
Both clubs released a joint statement celebrating the endorsement as a monumental step forward for their future and the city of Milan. The statement emphasized that the project aims to create a new stadium that complies with top international standards, aspiring to become a modern architectural landmark synonymous with Milan’s football passion on a global scale.
Financial Aspects and Timeline
According to Italian tax authorities, the valuation of the sale, which includes the stadium and its surrounding area, stands at around €197 million (equivalent to $233 million). However, the deal’s finalization is time-sensitive, needing to be completed before November 10. This date marks the 70th anniversary of the stadium’s second tier, after which demolition would become significantly more complicated.
Architectural Partnerships and Urban Renewal
Last week, AC Milan and Inter Milan revealed partnerships with renowned architectural firms Foster + Partners and Manica for the new stadium’s design, following earlier city council approval of the sale’s preliminary terms. The undertaking is part of a broader urban renewal initiative covering an impressive 281,000 square meters (over 3 million square feet).
Future Events and Opposition
As the current San Siro prepares to host the opening ceremony of the upcoming Milan-Cortina Olympic Games in February, the clubs aim to have the new facility operational in time for Italy’s joint hosting of the 2032 European Championship with Turkey. The existing structure has been deemed outdated by UEFA standards, which influences its suitability for major tournaments.
Milan’s Mayor, Giuseppe Sala, expressed his firm belief in the sale’s advantages. However, the proposal has met with opposition, particularly from the populist 5-Star Movement, which criticizes the transaction as “shameful” and an example of “pure real estate speculation.” They argue that the sale amounts to a €1.3 billion ($1.5 billion) deal that would lead to the demolition of the historic Meazza stadium, only to be replaced by commercial developments such as offices, shopping centers, and luxury hotels, with the new stadium taking a back seat in priority. They contend that such real estate ventures are driving Milan’s property market to unsustainable heights, calling into question the motivations behind the San Siro’s sale.
