AC Milan and Inter Milan cleared a major obstacle in their bid to own a stadium after the city council approved the sale of San Siro early Tuesday following a nearly 12-hour overnight debate.
The council voted 24-20 in favor of selling the historic stadium and surrounding land at around 3 a.m. The clubs plan to demolish the 99-year-old San Siro and build a new 71,500-seat arena together.
Italy’s tax agency has valued the stadium and surrounding area at 197 million euros ($233 million). The sale must be completed before Nov. 10, the 70th anniversary of the stadium’s second tier, which could otherwise make demolition nearly impossible.
Last week, AC Milan and Inter announced partnerships with architectural firms Foster + Partners and Manica to design the new stadium, following preliminary city council approval. The project is part of a broader urban regeneration plan covering around 281,000 square meters (over 3 million square feet).
The current San Siro will host the opening ceremony of the Milan-Cortina Olympics in February, while the new stadium is planned to be ready in time for Italy’s co-hosting of the 2032 European Championship with Turkey.