Italy: How much exactly does San Siro cost Inter and AC Milan?

source: Calcio e Finanza; author: Miguel Ciołczyk Garcia

Italy: How much exactly does San Siro cost Inter and AC Milan? Milan's legendary stadium, whose time seems to be running out, has recently surprised with record profits. However, this will not change its fate, as the costs incurred by the Rossoneri and the Nerazzurri are still many times higher than the revenues.


The end of an era

In recent years, news of a planned move for both Milan clubs from their current home has been breaking through. This year, they have gained momentum and the scenario of abandoning the legendary Stadio San Siro became very likely when AC Milan presented a project for a new venue at the end of September and Inter presented their vision two weeks later.

Work on the Nuovo stadio dell'Inter is due to start in 2025 in Rozzano, 10 km from the centre of Milan, as is the construction of the Nuovo stadio del Milan, which will be built in San Donato Milanese. If all goes according to plan, both venues will be ready for the 2028/29 season, with only the Italian national team likely to play at the Giuseppe Meazza stadium.

Stadio Giuseppe Meazza (Stadio San Siro)© Grzegorz Kaliciak 

San Siro bids farewell with record numbers and falling costs

In the midst of this sad period for the 98-year-old venue, one positive shines through, and not a small one at that - the San Siro, or rather the MI Stadio company formed by both teams, has booked record numbers. For the 2022/23 period it collected €27.1m in revenue and €3.6m in profit, beating the previous record of revenue by €4m and profit by €1.6m.

Contributing to the record numbers were both teams' performances in the Champions League, in which AC Milan fell in the semi-finals against Inter, which then lost in the final to Manchester City. Attendance has also done its part, especially at Nerazzurri matches, who are undisputedly the most watched team in Serie A.

Stadio Giuseppe Meazza (Stadio San Siro)© Grzegorz Kaliciak 

The numbers still don't make San Siro profitable

That doesn't change the fact that the profit the Rossoneri and Nerazzurri share was, year-on-year, much lower (if it was at all) than the amount spent by the clubs on the maintenance and rental of the facility. In 2020/21, revenues were €11.2m against costs of €15m, and it is only in the last two seasons that this dire trend has begun to reverse.

Added to this is the cost of renting the facility from the city, which amounts to more than €8m a year, or around €4m each for both clubs. When you look at these figures, it is not surprising that both clubs dream of playing 'on their own', as since the 2015/16 season AC Milan have paid €28.74m in rent and Internazionale Milano have paid €28.82m - a total of almost €56.6m.

Stadio Giuseppe Meazza (Stadio San Siro)© Grzegorz Kaliciak 

What will happen to San Siro after Inter and AC Milan move?

The high costs mean that there are only two options, i.e. either both teams continuing to play at the San Siro or both clubs moving out. Playing at the venue and doubling the costs would be an economic suicide. Both clubs chose the second, initially working on a joint project and then separately on their own stadiums.

The San Siro's time is coming to an end and the high cost of maintaining it is one of the reasons why it is not worth playing there. However, the decision to rule out demolishing of the venue due to its age and historical value has not put the brakes on AC Milan and Inter's plans, instead another problem has appeared on the horizon - what to do with the stadium when no one will play there?

According to media reports, the city is planning to turn the San Siro into an arena for concerts and major events, including sporting events such as the Olympics, tournaments and national team matches. The problem, however, will be the inevitable steep drop in revenue and the still high cost of maintenance. Even if it is possible to partially preserve the functionality of the venue, one thing can be certain: it is the end of the San Siro that we all know.

Stadio Giuseppe Meazza (Stadio San Siro)© Grzegorz Kaliciak