The City of Turin has taken steps to secure the long-term future of the Stadio Olimpico Grande Torino, home of the city’s Serie A football club.
Torino is the primary tenant of the 28,000-capacity stadium, which is owned by the City of Turin. The club’s rental agreement with the city expires at the end of June.
The stadium also has a 20-year mortgage that expires this year. In recent weeks, Mayor of Turin Stefano Lo Russo has submitted a formal request to the Italian Revenue Agency not to renew the mortgage registration.
While it awaits a decision, the city has started a public evidence procedure of preliminary market consultations. The city hopes that the mortgage will not be renewed, enabling it to initiate a process that guarantees the “best result” for the future use of the stadium.
In a statement, the City of Turin said that, should Lo Russo’s request be accepted, new scenarios could emerge for the future of the stadium with regards to its long-term concession, such as the possible acceptance of a proposal for a public-private partnership.
Such a partnership could involve Torino. In the interest of the public, and given the “exceptional nature” of the situation, the city will be able to grant its use to the concessionaire under the conditions already provided in the expiring contract for a period of up to 18 months.
Lo Russo said: “The interest of the administration is to overcome the mortgages that effectively block any option of long-term development and investment. While waiting for developments and given the approaching expiration of the concession, we have outlined an administrative path that allows us to think positively about the future.”
In a statement reported by the Torino Cronaca newspaper, Torino’s operations director Alberto Barile said: “We take note of what the municipal administration of the city of Turin is doing, with which there is a positive relationship. We will see how the situation develops.”
The Stadio Olimpico Grande Torino first opened in 1933. The stadium has been owned by the city since it opened, with the exception of a three-year period from 2002 to 2005 when it was owned by Torino.
The stadium has also been used by Torino’s cross-city rival Juventus and staged the opening and closing ceremonies for the 2006 Winter Olympic Games in Turin.
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