Football and finance

San Siro, banks in the race to finance the new stadium for Inter and AC Milan

Maxi-loan from 1.2 billion: there could be bridge financing. Lead by Goldman Sachs, Jp Morgan and Mitsubishi. Among the Italians BancoBpm

by Carlo Festa

2 October 2025

Una immagine contenuta all'interno del «Documento di Fattibilità» per il nuovo stadio di Milano, datato 11 marzo 2025, mostra il possibile aspetto della nuova struttura, inquadrata nel tessuto urbano circostante. Milano, 30 settembre 2025.

3' min read

Translated by AI

Versione italiana

3' min read

Translated by AI

Versione italiana

The big international banks are lining up to finance the new stadium of Inter and Milan. Above all, it is the big US institutions that are in pole position to provide, as a pool, the credit lines for the new stadium, the construction of which, if there are no further hiccups and if all fulfilments are met, should start in the second half of 2027.

In contention are in fact the US banks Goldman Sachs, Jp Morgan, but also Bofa Merrill Lynch, which already have major interests in European football. The dossier is also on the table of the Japanese Mitsubishi Ufj Financial Group. Among the Italian institutions, BancoBpm could take the field, while Intesa Sanpaolo and UniCredit should not be in the game at the moment.

Everything is subject to the necessary obligations in the coming months. The Milan City Council has given the go-ahead for the sale of the San Siro to Inter and Milan for 197 million euro, but by 10 November the deed must be finalised, otherwise the Superintendence's restriction on the second ring of the 'Meazza' will be triggered.

Costs

The total cost of the project is expected to be between EUR 1.3 and 1.5 billion. Financing could reach between EUR 1 and 1.2 billion. The rest could be provided by other investors or the clubs.

It is also foreseeable that, prior to the granting of the maxi-loan, a bridge loan of a smaller amount may be provided. The financing structure will have a typical formula for large sports infrastructures (with equity and debt) and the creation of a special-purpose vehicle company 50% owned by Inter and Milan. The new stadium will be built on the ashes of the 'Meazza', whose demolition could cost around €135 million.

The business plan

At the beginning of next year, the business plan should be presented, on the basis of which the banks will grant the maxi-financing. It is possible that a US bank could lead the operation: Goldman Sachs and Jp Morgan, but also Bank of America, have good relations with both Inter and Milan, as well as with their shareholders (also American), that is, respectively Oaktree Capital and RedBird, as it is known, financially supported by another US investor, such as Elliott. Milan's owner, Gerry Cardinale, was a Goldman Sachs banker for twenty years.

US banks have historically financed large European stadiums: the renovation of the Santiago Bernabéu Stadium in 2019 was carried out on the basis of a maxi-loan of around EUR 575 million from Jp Morgan and Bank of America.

Self-financing capacity

The self-financing capacity of the new structure will be decisive. It is expected that the revenue from the new stadium alone, through cash generation, will largely cover the debt repayment over the years. The project will be financially sustainable, if the construction costs remain under control. The turnover of the new stadium, with a capacity of 70-72,000 seats, is expected to double to around EUR 160 million for each of the two clubs.

An important source of revenue, in addition to season tickets and the ticket office, will be corporate skyboxes, sponsorships, restaurants, car parks, and even the museum and stores of the two clubs. There is no shortage of comparisons in Europe. Just think of Barcelona's museum, which has over a million visitors a year and generates 30 million in revenue.

The financial 'machine' is therefore ready to go, if there are no obstacles, to the satisfaction of the clubs and their respective shareholders: both RedBird and Oaktree are in fact private equity funds and, as such, have an investment time horizon limited to a few years. The value of Inter and Milan is bound to rise with the approval of the new stadium plan, and possible buyers, which are currently scarce, could be attracted by the new business model of the two Milan clubs.