AC Milan and Inter Milan have today (Wednesday) revealed their vision for a new stadium that will seek to provide the Italian city with a “landmark of world class excellence”.

The Serie A rivals confirmed their plans in a joint statement released on Wednesday afternoon, having filed with the Municipality of Milan a Technical and Economic Feasibility Study for a new 60,000-seat stadium and the development of a multi-functional district which the two clubs said would be privately financed at a cost of over €1.2bn (£1.08bn/$1.35bn).

Today’s news follows intensifying speculation over Milan and Inter’s stadium intentions, with the two clubs long understood to have been favouring a new facility over redeveloping their existing San Siro (pictured) home.

The masterplan has been developed as a result of Milan and Inter signing a Memorandum of Understanding (MoU) in November through which the two clubs have worked together on the stadium project. A joint taskforce was established to analyse all options, including a brand-new stadium or renovating the iconic San Siro.

The clubs today said the proposal to the local institutions marks a first official step on a “shared journey” together with the Municipality towards constructing a modern, sustainable and accessible urban district in the San Siro area, centred around a new world-class stadium. The documentation submitted by the clubs consists of a detailed technical and engineering study and does not yet include an architectural component.

The new stadium is intended to be built on land adjacent to the San Siro, which is owned by the City of Milan and leased to the clubs. Milan and Inter said the multi-functional district will be built in the area in which the San Siro currently stands, dedicated to sports, entertainment and shopping, creating jobs for over 3,500 people.

The Feasibility Study has been prepared in accordance with the so-called Stadium Law, which promotes the development of sporting infrastructure in Italy. All investments will be carried out by AC Milan and Inter Milan, who in exchange will receive a 90-year “surface right”. The clubs said this right is expected to be assigned through a public tender for which they, as promoters, will retain a right to match any offer put forward.

The request made today by the clubs to the public administration aims at obtaining a declaration of public interest from the Municipality of Milan. Only thereafter will a definitive plan, including architectural elements, be pursued. The clubs intend to launch a tender process to select architects for the project, while it will also consult with local residents.

The joint statement read: “The choice of AC Milan and FC Internazionale is based on a careful and in-depth analysis, carried out over the last few months, of the different available options (including the restructuring of the current Meazza stadium). It is inspired by the best benchmarks of international stadia and entertainment districts (almost all made ex-novo) around the world, as well as by Italian culture and the unique character of the City of Milan.

“This analysis shows that the construction of a new building is from all perspectives the best possible solution, both for the clubs and for the city of Milan. It guarantees the best user experience, sustainability, adequate security, safety and accessibility standards, and honours Milan’s reputation for innovation and internationalisation.”

The clubs also gave their reasons for favouring a new stadium over a redevelopment of the San Siro. They said the San Siro’s current structure presents a series of technical issues, of which the solution would have required a complete refurbishment, with “enormous execution risks”, possible cost overruns and unpredictable complications.

In addition, the clubs cited organisational issues linked to the simultaneous management of football matches, longer construction timings, revenue loss connected to the temporary reduction of the available capacity to fewer than 45,000 seats, safety concerns and the need to hold home matches outside the city of Milan.

The clubs added: “Both AC Milan and FC Internazionale are firmly convinced that this is the right path to follow and are thrilled and excited by the project which will give Milan a new landmark of world class excellence, contributing to the progress already made by the City of Milan over the last few years.”

The San Siro first opened in 1926 and has undergone several renovations, most notably for Italy’s staging of the 1990 FIFA World Cup. AC Milan has called the stadium home since it opened, while Inter started using the San Siro in 1947.

Italian broadcaster Mediaset said that if the Municipality gives the project the green light, architectural partners could be chosen by the end of 2019, with a view to commencing work in 2021.

Image: Jose Luis Hidalgo R.