San Siro sale clears way for new stadium by Milan clubs

AC Milan and Inter Milan completed the purchase of the San Siro stadium and the surrounding parcels from the Municipality of Milan on Wednesday, finalizing a roughly 197 million euro transaction that clears the way for the demolition of most of the historic Stadio Giuseppe Meazza and the construction of a new, state-of-the-art arena nearby. The clubs said the signing of the deed of sale transfers ownership through Stadio San Siro S.p.A. and marks a strategic step in a broader urban regeneration plan for the district.

The agreement was supported by financing arranged by international banks, with Goldman Sachs and J.P. Morgan serving as co-lead arrangers alongside the clubs' domestic banking partners, Banco BPM and BPER Banca. The clubs, whose owners are U.S. investment funds RedBird and Oaktree, have commissioned architects Foster Partners and MANICA to design a new 71,500-seat stadium and a masterplan for the surrounding area. In a joint statement, the clubs said the project "represents a new chapter for the City of Milan and both Clubs" and will include a centre of excellence and mixed-use development emphasizing sustainability and accessibility.