A timeline has been made for the sale of the San Siro stadium, with a deal set to be finalised in July
Featured image credit: Bukkia1990/CC BY-SA 4.0
The City Council of Milan has approved a motion which will see San Siro stadium be made available for sale, with an agreement aimed for July at the latest.
It passed by 24 votes in favour to 16 against, in addition to two abstentions. The Council has valued the stadium and its land at €197m (£163m/$209m).
The plot in which the San Siro lies makes up €124m of that figure while the stadium itself comprises the remaining €73m.
Both of the stadium’s current tenants, football clubs AC Milan and Inter Milan, have expressed interest in buying the venue and the surrounding land in order to build a new stadium.
Giancarlo Tancredi, councillor for urban regeneration, has stated that the sales contract must be signed by July next year, no matter who the successful bidder is, after proposals are made in the first quarter.
“Within the first quarter of next year,” Tancredi said, as reported by Calcio Finanza.
“Inter and Milan will have to present the proposal with the purchase offer, with the draft sales contract and the updated technical-economic feasibility plan.”
In April, the city authority is due to publish an exploratory notice to clarify whether there are other parties interested in buying the stadium.
Democratic Party leader Beatrice Uguccioni urged that the money generated from the sale be invested into the local San Siro neighbourhood, combat housing shortages and modernise sports facilities in city suburbs.
City mayor Giuseppe Sala concluded a lengthy speech at the meeting by echoing Uguccioni’s wishes, but was met with booing.
“I hope that we have reached a shared and defined solution,” Sala said.
“A solution that above all looks to the public good and balances it with the interests of the teams.
“It must be seen as an opportunity to also distribute resources in the city of Milan and bring improvements to the lives of Milanese citizens.
“Why is selling better than surface rights? I ask to think about what is the best solution for the use of these funds, which I suggest be aimed at the development of the neighbourhood and the most disadvantaged sections of the citizenry.
“I go further by hoping that a proposal for the destination of these funds comes from the city council of Milan.”
In September, both Milan and Inter 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.
Share this