AC Milan and Inter Secure San Siro for Future Stadium Development

AC Milan and FC Internazionale Milano have officially completed the acquisition of the San Siro, marking a significant step towards the construction of a new stadium. On Wednesday, the clubs announced the signing of the sale deed with the Municipality of Milan, securing the San Siro Urban function, which encompasses the historic stadium, also known as Giuseppe Meazza, along with its surrounding area.

The local council had previously approved the transaction in September, but the signing of the documents represents a crucial milestone in the clubs’ plans. Milan and Inter have successfully met a critical deadline set for November 10, by which time the second tier of the San Siro would celebrate its 70th anniversary, potentially complicating demolition efforts.

The clubs intend to demolish the 99-year-old San Siro and construct a new, state-of-the-art stadium with a capacity of 71,500 seats, targeting completion by the 2030-31 season. San Siro has been the home ground for AC Milan since 1926, but it has not undergone significant renovations since the 1990 World Cup held in Italy.

The estimated cost for the new stadium is €197 million (£174 million, $226 million) as reported by La Gazzetta Dello Sport. Furthermore, the Milan prosecutor’s office is reportedly investigating potential bid-rigging related to this deal.

In their joint statement, the clubs expressed: “AC Milan and FC Internazionale Milano today announce the signing of the deed of sale with the Municipality of Milan for the acquisition of the San Siro Great Urban Function, including the Meazza Stadium and its surrounding area.”

They emphasized that the construction of the new stadium and the urban regeneration project for the San Siro district marks a new chapter for Milan and both clubs. This strategic milestone reflects the shared ambition of AC Milan and Inter, along with their owners, RedBird Capital and Oaktree Capital Management, to achieve long-term sporting success and enhance the clubs’ sustainable growth.

The design and development of the new stadium, along with the masterplan for the surrounding area, have been entrusted to renowned architectural firms Foster + Partners and MANICA. The new venue is expected to meet the highest international standards, becoming an architectural landmark for the City of Milan.

Additionally, the project aims to establish a new center of excellence, embodying the sporting and cultural identity inherent in the San Siro district and the broader city, while promoting innovation, sustainability, and accessibility in urban space.

The transaction, executed through Stadio San Siro S.p.A., was facilitated by financing from prominent international banking institutions, including Goldman Sachs and J.P. Morgan as co-lead arrangers, alongside the clubs’ banking partners, Banco BPM and BPER Banca.