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AC Milan owner RedBird Capital Partners believes the Italian soccer club deserves a new stadium to ensure a bright future.
“A brand of this scale should have infrastructure that is indicative of its football prowess and global potential,” RedBird founder Gerry Cardinale told the Financial Times.
A new stadium for AC Milan — which, based on different reports, could range from 50,000 to 70,000 seats — would also mean a new home for fellow Serie A rival Inter Milan, who have been co-tenants at the historic Giuseppe Meazza Stadium at San Siro since 1947.
AC Milan has already kickstarted the process of building a new stadium.
- In 2020, Italy’s heritage authority approved the demolition of San Siro.
- The club has hired architecture firm Populous for the project coined “The Cathedral.”
- The development is estimated to cost roughly $733 million.
Last month, RedBird finalized a deal to purchase AC Milan for $1.3 billion from New York-based investment firm Elliott Management, which will keep a minority stake in the club.
RedBird, which has $6 billion in assets under management, won its bid for the club over Investcorp — the Middle East’s largest alternative assets manager.
Things Looking Up
A potential new home for AC Milan comes amid promising results both on and off the pitch.
AC Milan won its 19th Serie A title in the 2021-22 season, and the club is currently the 14th-most-valuable soccer team in the world at $1.2 billion, per Forbes.
It has generated $257 million in revenue in 2022, up from $165 million in 2021.
