Key Highlights
- Milan and Inter have completed the purchase of San Siro stadium from the City of Milan.
- The total cost for the acquisition is 197 million euros, with a first payment of 73 million euros made by the clubs.
- The two football clubs plan to build a new stadium and revitalize the surrounding area as part of an urban regeneration project.
- Legal and financial institutions have provided the necessary funding for the acquisition.
New Ownership of San Siro Stadium: A Milestone for Milan’s Football Clubs
The historic San Siro stadium, synonymous with football in Italy, has undergone a significant transformation. This morning marked the completion of the purchase agreement between AC Milan and FC Internazionale Milano (Inter), bringing an end to decades of public ownership. The clubs have now acquired the Great Urban Function of San Siro, including the Meazza Stadium and its surrounding areas.
The acquisition process began on November 10th, with a tight deadline set for five days.
This timeline was crucial as it prevented the imposition of architectural restrictions that would have hampered plans to renovate the stadium. The clubs managed to secure a pre-loan from international banks Goldman Sachs and J.P. Morgan, amounting to slightly over 90 million euros, which has now been used to make the first payment.
Financial Details and Future Plans
The total cost for the acquisition is set at 197 million euros, with an additional contribution of 22 million euros from the City of Milan towards the renovation of a tunnel and land drainage. The clubs aim to work with Foster + Partners and Manica on the design and development of a new world-class stadium. This project is expected to not only modernize San Siro but also revitalize the surrounding area, aligning with goals of innovation, sustainability, and accessibility.
Legal and Political Context
The deal’s completion comes after intense negotiations and resistance from those who oppose the demolition of the existing stadium. Legal battles are anticipated in the coming months as opponents challenge the procurement process. The Milan Procuratorate is currently investigating allegations related to a possible irregular auction procedure, with key figures such as Claudio Trotta, a founder of the Si Meazza committee, facing questioning.
Despite the legal challenges and opposition, Milan and Inter remain committed to their ambitious plans. This move represents more than just a change in ownership; it symbolizes a new era for football clubs that are investing heavily in their future, with the hope of enhancing both on-field performance and community engagement.
Conclusion
A New Chapter for Milan’s Football Clubs
The acquisition of San Siro marks a significant milestone for AC Milan and FC Inter. It underscores the clubs’ shared vision for the future of football in Italy, emphasizing innovation, sustainability, and long-term success. As they embark on this new chapter, the two clubs are poised to make their mark not only on the pitch but also in urban development, setting a precedent for other European cities looking to revitalize their sporting landscapes.
