AC Milan and Inter take control of San Siro in major redevelopment push
AC Milan and Inter Milan have completed the joint acquisition of the San Siro stadium and surrounding land from the city of Milan, marking a major step toward demolishing the iconic venue and constructing a state-of-the-art replacement.
The two Serie A giants, owned by U.S. investment groups RedBird Capital (AC Milan) and Oaktree Capital (Inter), confirmed on Wednesday that they have partnered with renowned architectural firms Foster + Partners and Manica to design a new 71,500-seat stadium. The proposed venue will form the centerpiece of a wider redevelopment project that includes commercial and residential spaces aimed at revitalizing the area.
The existing San Siro officially known as Stadio Giuseppe Meazza will eventually be demolished, although a preserved section of the second tier will remain as part of a planned heritage tribute to the historic ground. Built in 1926 and renovated ahead of the 1990 World Cup, the 76,000-capacity stadium has long been considered one of world football’s great cathedrals but has increasingly fallen behind modern European venues in facilities and infrastructure.
Judicial sources in Italy confirmed that prosecutors in Milan have launched an investigation into alleged bid-rigging related to the sale, following a complaint from a rival consortium that claimed it was not given adequate time to submit a proposal. The inquiry, however, is not expected to delay or derail the deal.
Italy faces growing pressure to modernize its football infrastructure ahead of hosting Euro 2032 alongside Turkey, and the San Siro redevelopment is seen as a key step toward that goal. Financial backing for the acquisition has been arranged through Goldman Sachs and JPMorgan as lead coordinators, working with Banco BPM and BPER Banca.
While the clubs plan to move into their new shared stadium in the coming years, the San Siro will continue to host matches for both Milan teams and the opening ceremony of the 2026 Winter Olympics before its eventual demolition.
The project, first tabled in 2019, has faced years of political resistance and local opposition from groups determined to preserve one of Italian football’s most storied landmarks. Still, with ownership now secured and financing in place, the long-awaited transformation of the San Siro appears closer than ever.
