"AC Milan and FC Internazionale Milano today announce the signing of the deed of sale with the Municipality of Milan for the acquisition of the San Siro Great Urban Function, including the Meazza Stadium and its surrounding area. The construction of the new stadium and the urban regeneration project for the San Siro district represents a new chapter for the City of Milan and both Clubs."
"The clubs needed to acquire ownership of the stadium by Monday because the architectural restrictions on the second tier would come into effect on November 10th, meaning it could not be demolished. Inter and Milan will receive a loan of approximately €100m from banks and will pay the first instalment of €73m to the City Council. The price of the stadium and surrounding areas, determined by the Revenue Agency, will be €197m. The Council will contribute €22m towards this cost."
AC Milan and Inter completed the deed of sale and now own San Siro and the surrounding area. The signing meeting began at 7:30 and concluded around midday, with final procedures currently underway. The clubs have already started the design phase for a new stadium and an urban regeneration project for the district. Ownership had to be secured before November 10 when architectural restrictions on the second tier would prevent demolition. Inter and Milan will take a bank loan of approximately €100m, pay a €73m first instalment to the City Council, with a total price of €197m and a €22m Council contribution. Foster + Partners and MANICA have been entrusted with the design work, and the owners involved include RedBird and funds managed by Oaktree to support long-term sporting success and sustainable growth.
Read at SempreMilan
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