AC Milan and Inter Milan completed their purchase of the San Siro and surrounding area from the city on Wednesday — clearing the way for the clubs to tear down the 99-year-old stadium and jointly build a new 71,500-seat arena
“The construction of the new stadium and the urban regeneration project for the San Siro district represents a new chapter for the city of Milan and both clubs,” the teams said.
“The strategic milestone reflects the shared ambition of AC Milan and Inter and their respective owners, RedBird and funds managed by Oaktree, for long-term sporting success and value-enhancing investment to support the clubs’ sustainable growth.”
The deal was valued at €197 million ($226 million).
The sale needed to be finalized before Nov. 10, when the stadium’s second tier — which was completed 70 years ago on that date — takes on historical significance and would have become almost impossible to tear down.
The clubs already announced agreements with architectural firms Foster + Partners and Manica to design a new stadium. The venue will be part of a project covering approximately 281,000 square meters (more than 3 million square feet).
The existing San Siro is slated to host the opening ceremony of the Milan-Cortina Olympics in February.
Milan and Inter plan to move into the new San Siro by the 2030-31 season and be ready for when Italy co-hosts the 2032 European Championship with Turkey. The San Siro in its current state is not considered modern enough for UEFA to approve it for hosting tournament matches.
San Siro has been Milan’s home since 1926. But it hasn’t been revamped since the World Cup in Italy in 1990.
According to Italian newspaper Gazzetta, the Milan prosecutor’s office is investigating whether it will file a court case over bid-rigging in the deal.
Information from The Associated Press was used in this report.
