AC Milan and Inter Finalize San Siro Purchase, Plan New Stadium
AC Milan and Inter Milan have completed the acquisition of their shared San Siro stadium and announced plans to demolish it, replacing it with a new arena that will seat 71,500 fans.
The decision to demolish the San Siro, known globally as one of football's most iconic stadiums, has been discussed for several years due to its deteriorating condition.
The two clubs, which have cohabited the stadium since 1947, have paid €197 million (£173 million) to the city council to gain control over the structure and the surrounding land, a move they describe as a demonstration of their "shared ambition for long-term success."
The new venue will accommodate approximately 4,000 fewer spectators than the current San Siro and will be designed by architectural firms led by Sir Norman Foster and David Manica, who were instrumental in the planning of the new Wembley Stadium.
In discussions with key figures and financial experts, BBC Sport sought to assess whether this move is strategically sound and how it might enable these renowned clubs to compete more effectively against wealthier Premier League teams.
Why Do Milan and Inter Want a New Stadium?
"This is a historic moment for us," stated Milan chairman Paolo Scaroni. "It has taken five or six years to reach this point, with significant support from our owners, RedBird. San Siro has been excluded by UEFA as a venue for Euro 2032 due to its lack of modern facilities. We urgently need a new stadium.
"Our relationship with Inter has always been strong, so it makes sense to continue sharing the new stadium and to jointly manage the associated costs."
Although the designs are set to be unveiled in the first half of 2026 and a completion date remains unspecified, the purchase of the stadium marks a significant milestone in both clubs' aspirations to reclaim their former glory.
During the late 1990s and early 2000s, Serie A was the premier football league globally, with clubs investing heavily in top talent and attracting a worldwide fanbase.
However, over the last two decades, the league has experienced a steady decline, with diminishing performances at the elite European level, a notable drop in average match attendance, and even its most prestigious clubs often spending less than lower and mid-table Premier League teams.
The decline can be illustrated by examining Milan and Inter's performances in the UEFA Champions League since its rebranding in 1992. Inter last lifted the trophy in 2010, while Milan's last victory came in 2007, despite being one of the most successful clubs in the competition's history.
Factors Behind Diminishing Results
Financial instability has significantly contributed to this decline. Italy has seen 12 changes of prime minister since 2000, leading to recurring economic turmoil.
Both Milan and Inter have also faced destabilizing ownership transitions, shifting from Italian businessmen to Chinese ownership, and more recently to American investment groups.
Marco Bellinoza, a business journalist at Il Sole 24 Ore, commented, "The political and financial crises in Italy have weakened the business landscape, undermining the ownership structures that once made Serie A prestigious. The recent shift to US ownership is crucial for transforming these clubs into fully functional businesses."
While Premier League clubs enjoy substantial broadcast revenues, Italian clubs have lagged behind, creating a significant financial gap.
"Serie A is €4 billion (£3.5 billion) behind the Premier League in cumulative revenue, primarily due to broadcasting contracts," explained Dan Plumley, a sports finance professor at Sheffield Hallam University. "This gap is challenging to close, so clubs must find alternative revenue streams."
As of 2024, Milan and Inter ranked 13th and 14th, respectively, in revenue among European clubs, each generating just over £350 million—approximately half that of top Premier League teams like Manchester City and Manchester United.
In the current decade, 12 Premier League clubs have spent more on player transfers than Milan, while 14 have outspent Inter.
Scaroni added, "Italian football is falling behind the Premier League; when a talented player emerges, they often choose to play in the Premier League due to better financial incentives."
What Does Demolishing San Siro Mean for Legacy?
While Il Duomo is Milan's most famous tourist attraction, San Siro is a revered football landmark, rich in history and having hosted some of the sport's greatest players.
Past discussions about its demolition have sparked strong emotional responses from players and fans worldwide.
Former Milan star Andriy Shevchenko remarked, "Playing at San Siro is filled with challenge, emotion, and history. My journey with San Siro began at 14 when I participated in a youth tournament there. I felt an immediate connection. I love San Siro; the fans make it special. However, I believe this is a crucial step for the future of Milan and Italian football. The design must honor the tradition and legacy of San Siro to ensure it is not forgotten, allowing for a positive evolution since nothing lasts forever."
Can a New Stadium Really Be Their Savior?
According to data from PwC, only nine stadium infrastructure and renovation projects have taken place in Italy over the past decade, in stark contrast to 24 in the Premier League, 19 in the Bundesliga, 15 in La Liga, and 10 in Ligue 1.
This has resulted in outdated matchday facilities across Italy, with average attendance dropping to 81%, compared to the Premier League's 97%.
Milan, a hub of fashion, finance, and industry in Italy, is home to numerous major banks and corporations. Scaroni estimates the project's cost at around €1.5 billion (£1.3 billion), with approximately one in seven tickets allocated for corporate hospitality and a greater emphasis on hosting non-football events.
Plumley noted, "Building a new stadium isn't just about match days; it's about maximizing its potential year-round through partnerships with other sports, concerts, and transforming the venue into a 365-day-a-year destination. While San Siro is iconic, change is essential for these two clubs."