Sale of San Siro to Inter and Milan, signatures on the deed arrive
The sale of the stadium and surrounding areas to the two Milan clubs for approximately 197 million was finalised
by Marco Bellinazzo and Sara Monaci
On the morning of 5 November, Inter and AC Milan executives and Milan City Council officials signed the deed for the San Siro stadium. The real estate compendium called "Grande Funzione Urbana San Siro", including the "Giuseppe Meazza" stadium (about 70 thousand square metres) and the neighbouring building areas (about 211 thousand square metres) thus passes into the ownership of the two Milanese clubs, implementing the resolution definitively approved by the City Council on 30 September.
The agreed purchase price amounts to 197.08 million euros. By signing the purchase agreement, the two clubs have committed to pay into the coffers of Palazzo Marino 91.96 million euro. The rest of the sum will be paid in several tranches, partly calculated on the basis of the gross area of the new stadium, i.e. in view of the completion of the partial demolition works of the Meazza. Banco BPM, Inter's historical partner and now Milan's, has guaranteed with a first demand surety the payment of the deferred price, for a total amount of €124.07 million.
Some of the protection clauses desired by the city council were included in the purchase agreement.
The two teams were asked to take more action against organised crime, in addition to the planned regulations, with the establishment of white lists of companies involved in the work and the realisation of the project; 14 million euro in environmental sustainability projects in addition to the carbon neutrality targets to be achieved; the guarantee by the adoption of measures for accessibility, inclusion and against all forms of discrimination, limiting to a maximum of 5 million any bonuses in the Captains' Park; the 'earn out', i.e. the request for a percentage of any capital gain realised in the event of a sale to a third party before 5 years; the municipality also reserved the right of first refusal on any resale of part or all of the areas at a price equal to or lower than the purchase price; 50% of the gross surface area (GFU) shall not be cemented and shall be destined to deep green and 80,000 square metres of green shall be ceded to the Municipality and maintained by the companies for at least 30 years; finally, Palazzo Marino shall contribute a maximum of EUR 22 million to participate in the reclamation and demolition costs.
The investment planned by the two clubs is approximately EUR 1.2/1.4 billion, 700 million for a modern 71,500-seat facility. The design and realisation has been entrusted to Foster + Partners and Studio Manica with the aim of opening in 2031 and hosting the European Football Championship in 2032.
The structure will have two large rings with an inclination designed to guarantee optimal visibility from every sector and will be built on a podium that will serve as access for the fans and that on days when there are no matches will become a large square integrated with the surrounding park that will be active 365 days a year. All that will remain of the old stadium is a piece of the South Bend, which will be refurbished.
