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AC Milan and Inter Secure San Siro Purchase, Set to Replace Iconic Stadium with Modern Arena
Milan, Italy AC Milan and Inter Milan have finalized a joint acquisition of the San Siro stadium and surrounding land from city authorities, marking a decisive step toward demolishing the legendary venue and constructing a new, state-of-the-art stadium.
The two Serie A giants owned by U.S. investment funds RedBird Capital Partners (AC Milan) and Oaktree Capital Management (Inter) announced on Wednesday that they have appointed Foster + Partners and Manica Architecture to design a 71,500-seat stadium as part of a wider urban redevelopment plan.
The project will include commercial, leisure, and residential facilities, transforming the historic San Siro area into a modern sports and entertainment hub.
Under the proposal, most of the existing stadium will be demolished, except for a preserved heritage section from the second tier, maintaining a symbolic link to one of football’s most revered landmarks.
Inter and Milan confirm the deed of sale with the Municipality of Milan for the land to build a new stadium, which will replace the San Siro.
MANICA and Foster + Partners (who are also behind Manchester United’s proposed new stadium) are appointed to oversee design and… pic.twitter.com/ZkoQk77vZA
— Ben Jacobs (@JacobsBen) November 5, 2025
However, judicial sources confirmed that prosecutors in Milan have opened an investigation into alleged bid-rigging in the acquisition process, following a complaint from a rival group claiming they were not given enough time to submit an offer. The investigation is not expected to halt the deal, officials said.
Italy has faced growing pressure to modernize its football infrastructure, with aging stadiums seen as a barrier to attracting investors and hosting major tournaments. The drive for redevelopment has intensified as Italy prepares to co-host the UEFA Euro 2032 with Turkey.
Built in 1926 and renovated for the 1990 World Cup, the San Siro — officially known as Stadio Giuseppe Meazza — remains Italy’s largest stadium, with a capacity of nearly 76,000. Despite its storied history, it no longer meets the standards of modern European venues.
The stadium has also served as a cultural landmark, hosting global music acts such as Bruce Springsteen, Madonna, and Coldplay, and it is set to host the 2026 Winter Olympics opening ceremony before its eventual demolition.
First proposed in 2019, the plan to replace San Siro has faced years of opposition from politicians, heritage groups, and residents who view it as an irreplaceable part of Italy’s football identity.
The financing for the land purchase and redevelopment is being arranged by Goldman Sachs and JPMorgan, with Banco BPM and BPER Banca serving as banking partners.
Both clubs will continue playing at San Siro until the new stadium complex, located nearby, is completed.