AC Milan and Inter Milan have jointly completed the acquisition of the San Siro stadium and the surrounding land from the city authorities, marking a major step toward demolishing the historic venue and constructing a new state-of-the-art facility, the clubs announced on Wednesday.

Both clubs — owned by U.S. investment groups RedBird (AC Milan) and Oaktree (Inter) — have commissioned renowned architectural firms Foster + Partners and Manica to design a new 71,500-seat stadium. The project forms part of a wider urban redevelopment plan that will include commercial and residential spaces around the site.

Under current plans, the existing San Siro will be demolished, though a portion of its second tier will be preserved as part of a designated heritage section.

Judicial sources in Milan confirmed that prosecutors have opened an investigation into alleged bid-rigging linked to the sale, following a complaint from another group that claimed it was not given adequate time to submit an offer. However, the inquiry is not expected to halt the transaction.

The project comes as Italy faces increasing pressure to modernize its football infrastructure, spurred by a surge of foreign investment in Serie A and preparations for the 2032 European Championship, which Italy will co-host with Turkey.

Originally opened in 1926, the San Siro — officially known as the Stadio Giuseppe Meazza — remains Italy’s largest stadium, with a capacity of nearly 76,000. Despite renovations for the 1990 World Cup, the venue lacks the amenities and commercial capabilities of newer European arenas. Beyond football, it has also hosted concerts by global stars such as Bruce Springsteen, Madonna, and Coldplay.

The stadium, which will host the opening ceremony of the 2026 Winter Olympics in February, will continue to serve as the home ground for both clubs until the new arena is completed nearby.

Initially proposed in 2019, the plan to demolish and replace San Siro has long faced opposition from local politicians, heritage advocates, and community groups determined to preserve one of Italian football’s most iconic landmarks.

The acquisition and redevelopment are backed by financing arranged by Goldman Sachs and JPMorgan as lead coordinators, alongside the clubs’ banking partners Banco BPM and BPER Banca.