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The municipal council in Milan has reportedly given the okay to tear down the Stadio Giuseppe Meazza with a new stadium to be built in its place.
A new “modern” stadium is expected to be completed by 2023. It is reportedly going to cost around €600 million to complete and be located approximately 100 meters from the current San Siro location.
According to La Repubblica, the new facility will have capacity for a little more than 60,000 and will include new sports and recreational facilities as well as shopping centers.
Both Inter Milan and AC Milan are expected to contribute a large portion of the construction costs while the stadium naming rights will reportedly generate an additional €25 million per year in revenue.
The San Siro was built in 1926 by Piero Pirelli, then president of AC Milan.
Reportedly, Milan has already given its approval and Inter Milan are expected to sign off on the new stadium in the near future.
La Repubblica has also reported that Ivan Gazidis (AC Milan CEO) and Alessandra Antonello (Inter Milan CEO) have traveled to the United States with financial advisors Goldman Sachs to visit other stadiums such as MetLife Stadium in New York. They have looked at examples of stadiums that include retractable roofs, natural and artificial turf as well as other stadium factors.
In addition to the plan for the stadium and other amenities, a 5,000-seat building is also potentially planned to house concerts and other events near the new stadium.
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