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Sunday, April 21, 2024
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AC Milan, Inter Look to Cash In on New $1.3B ‘Cathedral’

  • In December 2021, the Serie A rivals hired architecture firm Populous for a new stadium.
  • Construction on the venue could begin in 2024.
Populous

Italian soccer giants AC Milan and Inter are projected to generate $119 million in revenue per season from a new stadium slated to open in 2027. 

The Italian clubs, who have been co-tenants at the historic Giuseppe Meazza Stadium at San Siro since 1947, have announced plans to build a new stadium for an estimated $1.3 billion.

A new home field is projected to generate $79 million in annual revenue from naming rights, concessions, sponsors, merchandise, parking, and events, while an additional $40 million will come from areas around the venue including offices, a convention center, and an entertainment complex. 

  • In December 2021, the Serie A rivals hired architecture firm Populous for the project.
  • A public debate next week will decide whether it receives approval.
  • Construction on the venue — coined “The Cathedral” — could begin in 2024.
  • It would be split into two phases, with one being the demolition of the Meazza.

The potential influx of cash would help Inter manage debt after it issued $468.3 million in new bonds in January to pay off secured notes due this year and repay its revolving credit line. 

New Ownership 

Earlier this month, New York-based private equity firm RedBird Capital Partners closed its deal to purchase Milan for $1.2 billion from American investment firm Elliott Management.

Before the sale, minority investor Blue Skye Financial Partners claimed Elliott Management — Milan’s majority shareholder since 2018 — held talks “behind closed doors” about the deal.

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