Featured image credit: Simone Daino on Unsplash
The Municipality of Milan has confirmed receipt of an expression of interest from AC Milan and Inter Milan to acquire their current San Siro home and the surrounding land in order to build a new stadium.
The Municipality said that operational meetings would begin as early as today (Tuesday) with the clubs in the context of the latest assessment from the authority’s Revenue Agency.
“[The clubs] will outline the path so that they can present the updated feasibility document, including the economic framework of the project,” the Municipality stated.
The submission of a formal expression of interest from the two Italian Serie A football giants was anticipated after a meeting took place late last month between Mayor of Milan Giuseppe Sala and delegations from Oaktree Capital and Redbird Capital Partners, the respective owners of Inter and AC Milan.
The meeting was also attended by Italy’s Minister of Culture Alessandro Giuli and Minister for Sport and Youth Andrea Abodi. The city said the main purpose of the meeting was to discuss the building of a “new stadium” at San Siro, which is officially known as Stadio Giuseppe Meazza, and developing the surrounding areas.
The latest development comes after Inter and AC Milan rejected a proposal backed by the Municipality to redevelop San Siro, with the clubs instead favouring a new stadium located close to the current venue.
In August, the Municipality announced that the two clubs were “evaluating the technical and financial aspects” of acquiring the stadium, with either an outright purchase or an operating deal said to be on the cards.
Up until last month’s announcement, the clubs had appeared to abandon hopes of staying in the San Siro neighbourhood in favour of pursuing separate projects. Milan had targeted the San Donato Milanese neighbourhood, while Inter had set its sights on the Rozzano suburb of the city. Last month, football’s European governing body UEFA confirmed that Milan would not host the Champions League final in 2027 amid uncertainty over San Siro’s future.
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