AC Milan will pay the Fondazione Fiera a compensation fee of €10 million, after pulling out of a deal to build a new stadium in the city’s Portello district. Gazzetta dello Sport report.
On July 7, the Fondazione Fiera released a statement confirming that they had accepted a proposal from the Rossoneri to begin work on a new home ground in zone eight of the city.
However, a month later doubts began to surface due to costs and various other disagreements between the parties involved.
Those concerns became concrete in early September, so much so that the presidents of the two companies involved, Milan’s Silvio Berlusconi and Benito Benedini of the Fondazione, began to seek an agreement for the withdrawal of the Diavolo’s proposition.
Now, a mutual agreement has been reached that will see the situation stay out of court, with the Fondazione initially having threatened the club with legal action over backtracking on the deal.
According to sources close to the Fondazione Fiera, a pact has been agreed between Berlusconi and Benedini that will see Milan pay a figure close to €10m by way of compensation.