San Siro purchase AC Milan Inter Milan
The two Italian giants AC Milan and Inter Milan have formally completed the acquisition of their iconic home ground, San Siro stadium and the surrounding land, in a landmark deal valued at €197 million (approximately US$231 million).
The clubs announced that they signed the deed of sale with the Municipality of Milan on Wednesday, marking a decisive step in their joint vision to demolish most of the current stadium and replace it with a state-of-the-art venue.
This move comes after over eleven hours of intense debate and a knife-edge vote at the city council, which initially approved the sale back in September.
Under the redevelopment plan, the new arena will have a seating capacity of around 71,500 and will be designed by internationally renowned firms Foster + Partners and MANICA.
While the present San Siro stadium will continue to host matches including an upcoming major event until the new site is operational, the bulk of the current structure will be demolished, with only a designated heritage section of the second tier being preserved.
The redevelopment addresses the pressing need for modern sporting infrastructure. Italy, in partnership with Turkey, is set to co-host the UEFA Euro 2032 tournament and must submit its stadium portfolio to the governing body by October next year. The old San Siro, originally built in 1926 and revamped for the 1990 World Cup, no longer meets the stringent requirements for such elite events.
The clubs have already secured finance backing from banks including Goldman Sachs and JPMorgan Chase, supporting the overall redevelopment project which is estimated at approximately €1.2 billion.
While the decision has been welcomed by many as a bold step into the future, it has also drawn criticism from local citizens and preservationists who regard San Siro as an iconic cultural landmark. Some critics argue the sale price undervalues the land and that more public consultation should have been conducted.
Nevertheless, AC Milan and Inter Milan now hold full ownership of the stadium site and are free to move forward with plans that will shape the sporting and urban landscape of Milan for decades to come.
