San Siro, green light for stadium sale to Inter and AC Milan

An important day regarding the future of San Siro.

“The Council – one reads on the website of the Municipality of Milan – has favorably examined the proposed council resolution on the essential elements for the sale of the real estate compendium including the ‘Giuseppe Meazza’ stadium, as the ‘Great San Siro Urban Function,’ pursuant to the current Territorial Government Plan, following the proposal submitted on March 11, 2025 by A.C. Milan S.p.A. and F.C. Internazionale Milano S.p.A. pursuant to Article 4, paragraph 13, of Legislative Decree No. 38 of February 28, 2021 (“Stadiums Law”).

The Palazzo Marino executive assessed the purchase proposal as consistent with the Administration’s strategic goals of enhancing the GFU San Siro area, also in light of the guidelines formulated by the City Council in several agendas, including No. 324 of December 22, 2022 and No. 7 of November 11, 2024, which among other things call for the allocation of resources resulting from the transaction to public interest interventions. Approval of the proposal is now up to the City Council.

The proposal is the outcome of the administrative process launched last March by the same Council, after the companies F.C. Internazionale Milano S.p.A. and A.C. Milan S.p.A. had filed their purchase proposal pursuant to the Stadiums Law.
Specifically, on March 24, a public notice was published to solicit any expressions of interest regarding the property compendium: the notice closed on April 30 without result.
At the same time, an Interdirectional Working Group was formed and the Preliminary Services Conference envisaged by the Stadiums Law was initiated to evaluate the technical aspects of the proposal and verify its consistency with the January 2023 Council Resolution, approved following the December 2022 City Council agenda and the outcomes of the public debate.

The City of Milan’s Municipal Council has also been asked to approve the proposal.

The Municipality of Milan has availed itself of the legal advice of professor-lawyer Alberto Toffoletto, selected within the framework of a public path of comparative procedure of applications, and of expert professors, designated by the Politecnico di Milano and the L. Bocconi University, who have supported the Administration in the evaluation of the economic-financial aspects of the operation starting from the estimate made by the Revenue Agency.

The outcome of the preliminary investigations is contained in the Technical Report attached to the resolution, of which it is an integral part.

The Real Estate Compendium ‘Ambito GFU San Siro’ is a continuous set of areas and properties located between Achille, Tesio, Harar, Dessiè, and Piccolomini Streets, including the ‘Giuseppe Meazza’ Stadium, and covers a land area of about 280 thousand square meters.
The building rights amount to 98,321 square meters of gross area and the building index provided by the current TMP is 0.35 square meters/square meter.

The DOCFAP, the Feasibility Document of Design Alternatives, submitted by the Companies (and published on the Municipality’s institutional website), divides the intervention into two functional segments, the ‘Stadium Stralcio’ and the ‘Plurivalent Stralcio’.
The works will mainly involve the construction of the new Stadium, the relocation and redevelopment of the Patroclus tunnel, the partial demolition and securing of the ‘Meazza’ and the construction of public green areas for an area equal to 50 percent of the entire GFU.

The purchasing entity will be a corporate vehicle controlled by the Companies, which will in any case sign the contract.

The sale price is €197,075,590; €73 million will be paid to the City of Milan at the same time as the contract is signed, the remainder will be in installments and guaranteed by special bank or insurance sureties. Sureties are also envisaged to guarantee the construction of the new Patroclus, the green area and the partial demolition and consolidation of the ‘Meazza’.

The proposal includes a series of clauses to protect the operation, aimed at preventing any speculative operations and ensuring the enhancement and development of the area in social, economic and environmental terms.
These include an ‘earn out’ clause that obliges the buyer to pay the municipality a percentage of the capital gains generated in the event of a sale to a third party within the first 5 years after the contract is signed. The termination of the contract of sale, with redelivery of the assets to the municipality against repayment of the consideration paid up to that date, if the legal requirements for the start of work are not met, within the terms specified in the resolution. The prohibition of alienation within the terms set for the possible fulfillment of the termination clause.
Again, in case of transfer to third parties of all or part of the areas at a price equal to or lower than the purchase price, the Municipality may exercise the right of first refusal. Certain obligations will then be incumbent on the Companies, including the obligation to maintain control over the Purchasing Party for a period of 15 years from the deed of sale and to ensure the good standing requirements of any new shareholders.

The project will also require the Companies to maintain control over the Purchasing Party for a period of 15 years from the deed of sale.

The project stipulates that 50 percent of the entire subdivision will remain green: at least 80,000 square meters–of which 50,000 square meters of deep green–will revert to municipal ownership upon completion, while maintenance will remain the responsibility of the Purchasing Party for at least 30 years.

In addition, in accordance with the provisions of City Council Resolution No. 28/2023 and complying with the Air and Climate Plan of the Municipality of Milan, the overall redevelopment of the GFU San Siro area will have to strive for carbon neutrality: the compensatory interventions of residual CO2 emissions will be to be carried out exclusively in the territory of Milan.

The facility, whose capacity has been established as at least 70 thousand seats, and the entire compendium will have to be designed and built to ensure full accessibility and usability for all categories of users.

With regard to the removal of the existing Patroclus tunnel and the GFU reclamation works, the city administration will bear a share of the related costs up to a maximum of 22 million euros.