San Siro has been a symbol of Italian football for decades. Today, however, the future of the legendary stadium is becoming increasingly uncertain. On the one hand, there are cultural and legal barriers, and on the other, the ambitious plans of Milan and Inter.

Heritage complicating future

On the west stand of San Siro there are 27 plaques commemorating the greatest triumphs of both Milanese clubs: 18 for Milan and 9 for Inter. These have become the core of the dispute. The Archival Supervision Office classified them as a public archive on display, which means they are automatically protected by law. The plaques cannot be removed or destroyed, which severely restricts any attempt to demolish the stadium.

That is only part of the problem. Debate is also ongoing over the exact year the second tier of the stadium was built. If it is confirmed that construction was completed in 1955, then in 2025 the 70-year rule of the Cultural Heritage Code would apply. In that case, any plans for partial demolition or radical reconstruction of the Meazza would be legally impossible. The Regional Cultural Heritage Commission has repeatedly raised this issue, and the Regional Administrative Court has so far sided with Milan’s City Council.

Hidden documents and feasibility study

In 2024, WeBuild together with Arco Associati prepared a feasibility study for the renovation of San Siro. The project was presented to Mayor Giuseppe Sala and the boards of both clubs, and the reactions were described as extraordinary. The problem is that the document never reached the city archives.

Councilor Enrico Fedrighini pointed out that the stadium is public property, so citizens have the right to know the real costs of its future. Later disclosed data showed that renovation could cost around €371 million – less than half the estimates for building a new arena (around €810 million).

© Grzegorz Kaliciak 

Tight decision-making calendar

Mayor Sala set the deadline for finalizing the sale of the stadium for the summer of 2025, i.e., before November 10 – the date from which the above-mentioned restrictions regarding the second tier could take effect. However, the debate on the matter was postponed until September, which significantly narrows the time frame.

The situation is further complicated by politics. Some members of the ruling majority have announced their opposition to the sale of the stadium, and without opposition support, the resolution may not pass. Meanwhile, UEFA has rejected San Siro’s candidacy as a host for Euro 2032 matches – even after a possible renovation, the venue would not meet tournament standards.

Joint project of two clubs

Despite these obstacles, Inter and Milan are not giving up on their dream of a modern stadium. According to Mayor Sala, both clubs are to present a new economic and financial plan for the San Siro area by the end of February 2025. The estimated cost of the investment ranges from €1 to €1.5 billion.

Talks are underway with major financial institutions – including JP Morgan, Bank of America and Banco BPM. Initial opinions from the banks are said to be positive, and the business model assumes a significant increase in club revenues from the new stadium. Matchday income could rise from the current €80 million to as much as €130 million per season for each club.

The plan includes the purchase of the stadium and 95,000 m² of surrounding land. After partial demolition of the second tier, the Meazza would be transformed into a museum dedicated to the history of both clubs. The new arena would be built on the existing parking lots. Special emphasis would be placed on developing hospitality areas: the number of premium corporate seats would increase from 3,000 to around 10,000.

Although the joint project at the San Siro site remains the priority, Milan has not abandoned its alternative plan to build a stadium in San Donato. The club has already spent €40 million to acquire a 256,000 m² plot of land. Inter is skeptical about this option, unwilling to move outside the city limits of Milan.

© Grzegorz Kaliciak