€2.3 Billion New San Siro Ledger Revealed: Only 30% of the Money Goes to the Stadium Itself

The new stadium project of Milan's two clubs has recently opened its books.

According to the Economic Feasibility Report submitted to the Milan city government, the new San Siro development covers a total area of 162,000 square meters, but the stadium itself accounts for only 39%. More than 60% of the area will be used for hotels, office buildings, and commercial districts, with no residential construction planned.

The total investment is €2.3 billion, broken down as follows: €708 million for the stadium itself, €121 million for underground parking, €172 million for commercial and hotel buildings, and €115 million for the demolition and cleanup of the old Meazza stadium.

The most striking item is that financing interest and engineering guarantee fees alone will consume €382 million, accounting for 17% of the total investment.

In other words, for every €6 spent, €1 is not going toward physical construction materials, but toward the cost of borrowing money.

The project is jointly designed by Foster + Partners and Manica Architecture, with a planned capacity of 71,500 people. The timeline is to obtain all approvals before summer 2027, begin construction in the second half of that year, and open between 2030 and 2032. Most of the old stadium's structures will be demolished after the new stadium is completed, while the remaining parts will be transformed into a commercial entertainment area, including a small museum documenting San Siro's history. The report estimates that after full completion, the entire area will have a theoretical valuation of €2.565 billion, representing a book-value increase of €265 million.

However, it should be noted that this valuation logic has not been publicly disclosed and remains a paper calculation.

Why is the stadium being built? Because not building it is no longer an option. San Siro's facilities are outdated, UEFA has already rejected its bid to host the 2027 Champions League final, and it does not meet the standards for hosting the 2032 European Championship. For Serie A clubs, the model of relying increasingly on player sales is becoming more difficult, and building their own stadium with commercial facilities is almost the only way forward.

However, a €2.3 billion project represents a genuine gamble for two clubs that are already under financial pressure.