Milan steps up San Siro efforts

The Municipality of Milan has launched a tender process calling for alternative proposals for the future of the Stadio Giuseppe Meazza, and its surrounding area, with the move resulting in the release of the full presentation made by AC Milan and Inter Milan into their vision for a new stadium.

In what is a procedural move intended to move efforts forward, the Municipality’s public notice for expressions of interest aims to verify the existence of any proposals for improvement compared to the one presented by the rival Serie A clubs on March 11.

The process has a deadline for receipt of proposals of April 30, and comes as the Municipality seeks to dampen controversy over the valuation of the property concerned. A complaint from organisations opposed to Milan and Inter’s project has led to the opening of an investigation file by the city’s Public Prosecutor’s Office, which will seek to determine any potential damage to the public treasury.

The launch of the tender process has seen the publication of both the evaluation made by the Revenue Agency and the Drafting of the Feasibility Document of Project Alternatives (DOCFAP) presented by the two clubs earlier this month.

The Revenue Agency has determined a €197m (£164.8m/$212.8m) price tag for the San Siro site, should Milan and Inter get the green light for their proposal, €73m for the current stadium itself and €124m for the 280,000 square metres of land surrounding it, on which they hope to build a new home.

The vision for the latter has already been widely reported. A new circa 71,500-seat stadium, plus associated mixed-use development, has been priced at €1.25bn. The stadium would account for €707.9m of this cost.

In confirming the submission of the DOCFAP earlier this month, the two clubs said their proposal, developed by “top professionals and industry experts”, reflects the strategic vision of their respective owners and “lays the groundwork for the creation of a landmark project that will serve as an international benchmark and bring significant benefits to the city of Milan and its residents”.

Milan and Inter have consistently stressed their opposition to the prospect of redeveloping the Meazza, and the formal release of the DOCFAP has illustrated this. In outlining what a structural and functional redevelopment of the Meazza would entail, aimed exclusively at optimising the facility for sports events, the clubs said this alone would come with a €836.7m price tag.

This would include the adaptation of the stands, involving the reduction of the overall number of seats, to between 60,000 and 65,000, and the addition of spaces related to hospitality and fan services.

The report states: “Although the important redevelopment of the G. Meazza stadium represents a decisive step, some issues remain unresolved that limit the full potential of the project.

“It is worth pointing out that, despite redeveloping the stadium, the need to carry out much more significant extraordinary maintenance work in the future cannot be ruled out, such as replacing the entire roof or redoing the interior of the second tier.

“Due to the work required, teams will be forced to move sports activities, to smaller nearby stadiums. Therefore, for at least two or three years, revenues would be reduced by at least 50%-70% for each club.

“The frequency of sporting events during the season would not allow for the renovation work to be managed with a reduced attendance. Furthermore, the security and access plan would have to be completely revised.

“In conclusion, in addition to the budget costs for the renovation, which in any case does not solve the problems of the stadium structure, the loss of revenues will have to be added, not only related to ticketing, but also to other sources of income deriving from the holding of sporting events.

“This alternative project does not meet the sporting and financial needs of the proponents, therefore it is conceivable that the interventions described in this scenario would be paid for by the community or a third party.”

Moving forward, the DOCFAP refers to the hope that confirmation of a declaration of public interest for the new stadium project can be made no later than June 30, with a commitment to stipulate the purchase deed by July 31.

The stakeholders are faced with a deadline with regards the project, as protected status restrictions related to the Meazza are due to come into place. In May, the Municipality lost an appeal launched in October 2023 against a decision placing protected status on the Meazza, effectively impeding any sizeable redevelopment of the stadium.

This relates to the stadium’s second tier and towers, which were built in 1955 and under historical constraints related to public-owned property are due to be afforded protected status after 70 years, therefore in November this year.

In November last year, the City Council of Milan approved a motion which will see the Meazza made available for sale, with an agreement aimed for July at the latest. Earlier in the month, the Municipality confirmed receipt of an expression of interest from Milan and Inter to acquire their current home and the surrounding land in order to build a new stadium.