"AC Milan and Inter have officially acquired San Siro from the City Council, as well as some of the surrounding areas. An official press release on Wednesday afternoon confirmed the long-awaited news that the current stadium has passed into the hands of the two clubs. It is the first big step in the stadium project, with the new home for Milan and Inter set to be built next to it."
"Milan and Inter received a bank loan of just over €90m and paid the City the first instalment of €73m for the purchase of the area. The final price will be €197m, after which the City will deduct a €22m contribution for the reconstruction of the Patroclo tunnel directly behind the stadium, and for land reclamation. The City Council had approved the sale to the clubs in September and it was then given the green light after a vote in the City Hall last month."
"The threshold for that vote was reached by a very narrow margin in the end, after days of deliberation about which way certain councillors would go. Then, all the documents had to be signed before November 10. On that date the stadium would have been recognised as a monument of historic importance under Italian law, if it were still publicly owned. That would have prevented any demolition of the second tier, a vital pre-requisite for the plans."
AC Milan and Inter completed the purchase of San Siro and surrounding land from the City of Milan after signing the deed. The clubs obtained a bank loan of just over €90m and paid an initial instalment of €73m toward a final price of €197m, with the City deducting €22m for reconstruction of the Patroclo tunnel and land reclamation. The City Council approved the sale by a narrow vote. Documents were signed before a November 10 deadline that would have granted the stadium historic-monument protections. Opposition and legal challenges persist, and a Milan prosecutor is investigating possible bid-rigging.
Read at SempreMilan
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