New stadium: the stalemate costs Inter and Milan lost revenues of 100 million a year
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Whether the La Maura area for Milan and Assago for Inter are the new potential locations to build modern and profitable stadiums, the truth is that the two Milanese clubs took almost four years due to the bureaucratic slowness of the Municipality of Milan and the indecision of city politics. Four years in which the two companies owned by RedBird and Suning have seen the gap with the big Europeans widen. In fact, the start of the process dates back to July 2019. In an attempt to acquire a modern and multi-purpose stadium, the two companies have already faced costs of a few million euros. But the most serious fact is that with the over 70,000 spectators who now permanently crowd the San Siro stands, in a quality stadium, i.e. equipped with those commercial services that San Siro cannot structurally accommodate, for each year of stalemate the two clubs they lose additional revenue.
Lost revenue
How many? Given that we are talking about projections, but very realistic projections given the comparative analyzes relating to the other dozens of stadiums built in Europe in recent years, it is possible to state that Inter and Milan are forced to give up around 100 million per season for each year in which remain in the current Meazza stadium, 50 million each. Today, under the heading stadium, the rossoneri and nerazzurri record revenues that on average fluctuate between 30 and 40 million a year. According to the economic analyzes carried out in preparation of the dossier for the new common stadium, the bar of revenues linked to the plant for both companies had instead been set at around 100 million. About 60 more, then. In particular, 120 million in total incremental revenues were expected, of which 80 from the stadium sector (with 65,000 seats, of which around 9,000 premium seats modular up to 13,500, maintaining a balance between the demand of a corporate audience and the need to keep the prices of tickets and ordinary season tickets), and 40 million from related commercial activities. The urban planning project for the new San Siro envisaged 100,000 m2 of commercial area and entertainment activities, a museum, a congress center and areas dedicated to sports which were closed to car traffic.
The redevelopment
As emerged in the public debate held between the end of 2022 and the beginning of 2023, the operation by Milan and Inter aimed at redeveloping an urban fabric of 280 thousand square meters, equal to a third of the Expo area. The greenery, doubled compared to the original plan, would have occupied a third of the spaces, with 700 trees planted. Building volumes, on the other hand, have been reduced (from the initial index of 0.51 to 0.35, in line with the territorial government plan and therefore without the need for changes to the urban planning instruments) to meet the requests for adaptation it comes several times from Palazzo Marino. The temporal objective was to play in the new stadium starting from the 2027/28 season, bypassing 2026 and the opening ceremony of the Winter Games to be held in the current venue.
Lost investments
The economic report drawn up by Inter and Milan was based on the scenario of a 90-year concession and on a cost of the stadium sector estimated at around 600 million, 60% of the total construction costs equal to one billion, to which were added techniques and other charges for around 300 million. Despite the contraction of built-up areas, private investments – which would have generated around 27 thousand jobs – would have brought jobs worth 1.3 billion euros to the area, considering the increase in the cost of raw materials, as part of a project financing based on the additional revenues from the new facility and a contribution from the clubs in terms of equity. Now not only are these investments failing and will go towards other areas even outside the city belt (there are also talks of Sesto San Giovanni and San Donato as alternative hypotheses), but the municipality of Milan and the mayor Beppe Sala will have to find a way to finance the maintenance of the old San Siro which costs no less than 7-8 million a year.
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