Investigation Proving Potential for Stadio, Municipal Authorities, Inter, and Milan to Withdraw Participation
The city council, led by Mayor Giuseppe Sala, has given the green light to the sale of the iconic San Siro stadium. The deal, which involves football clubs Milan and Inter, comes with a series of stipulations aimed at ensuring the project's success and maintaining the stadium's accessibility.
The stadium's capacity has been set at least 70,000 seats, and the entire project must be designed and built for full accessibility and usability for all categories of users.
The sale price of the stadium to the clubs is 197,075,590 euros, with an initial payment of 73 million euros to the Municipality of Milan upon signing the contract. The remaining payment will be made in installments, guaranteed by bank guarantees or insurance policies.
To safeguard the interests of the city, the proposal includes an "earn out" clause, requiring the buyer to pay the municipality a percentage of capital gains generated from any sale to third parties within the first 5 years. The municipality will also retain ownership of the green areas at the end of the works, while the clubs will maintain responsibility for maintenance for at least 30 years.
In an effort to prevent any speculative operations, the proposal includes clauses aimed at ensuring the development of the San Siro area follows the original plan. The municipality will bear a reduced share of the costs for the removal of the Patroclo tunnel and the remediation of the area, up to a maximum of 22 million euros (compared to the initial 36 million euros).
The project for the sale of the San Siro stadium includes a requirement that 50% of the area remains green, with at least 80,000 square meters, including 50,000 square meters of deep green. This commitment to preserving the environment is a testament to the city's dedication to sustainability.
A request for a "protection regime" for the buyer was made by lawyer Alberto Toffoletto of the Nctm firm in an email to the vice director general of Palazzo Marino, Carmela Francesca. This protection shield is in case a criminal proceeding relating to some aspects of the sale and development operation of the Grande Funzione Urbana San Siro is opened.
The contract for the sale of the stadium can be terminated if the legal requirements for the start of work are not met within the terms indicated by the deliberation. If investigations by the Milan prosecutor's office or the Court of Auditors prevent the start of work within the first 9 months from the signing, each of the two parties can withdraw from the contract within the following 30 days by restoring the area and receiving a refund of what has already been paid.
In the event that an investigation is opened and later found to be unfounded but could still block the work or negatively impact the feasibility of the operation, the teams and the Municipality commit to meet to evaluate the solution. If such an investigation is opened and later found to be unfounded but could still block the work or negatively impact the feasibility of the operation, the teams and the Municipality commit to meet to evaluate the solution.
This comprehensive agreement ensures that the sale of the San Siro stadium not only benefits the clubs but also prioritizes the needs of the city and its residents, all while preserving the environment and promoting sustainability.
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