The two Milan soccer giants from Italy's top-tier Serie A – AC Milan and Internazionale (Inter Milan) – have made public their detailed plans for a new shared stadium, to be opened in 2031-32.
The stadium will replace the iconic San Siro arena, which has housed both Milan sides since the late 1920's, and will be title sponsored by major Italian insurance company Generali. This deal will be the one of the largest naming-rights deals in sports stadium history, it has been claimed.
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The new Generali Stadium will have a capacity of 71,500, and is expected to cost the two clubs between them around €1.2 billion ($1.34 billion). Work on the new venue is expected to begin in 2028, and it will be constructed where the current San Siro – with a capacity of 75,000 – currently stands.
The Generali deal has been reported as having a value of around €650 million over 20 years. Such a major agreement would put Generali's annual fee to the two clubs close to level with the value of the most lucrative stadium annual naming rights deals in European sport. Riyadh Air, which puts its name to Atletico Madrid's Metropolitano venue, currently holds that title, according to industry reports.
Generali would be paying Inter and AC Milan €32.5 million annually if the aforementioned media reports are accurate.
The current San Siro will face demolition once construction on the new stadium – which will the centrepiece of an entire 'urban regeneration project' nears completition. While it is seen as one of the most traditional and iconic venues in European soccer, it is falling behind a number of other major soccer venues on the continent in terms of amenities and modernization.
The stadium – officially entitled the Stadio Giuseppe Meazza – was owned by the City of Milan until November 2025, when both tenant clubs then paid just under €197 million to buy it up. The last major renovation work that took place on it was carried out between 1987 and 1990, in advance of the 1990 FIFA World Cup.
In Spain, heavyweights Barcelona are currently in the process of building an entirely new ground, while Real Madrid renovated their Bernabeu venue over the last couple of years and Atletico Madrid opened their new Metropolitano in late 2017. In England, meanwhile, heavyweights Manchester United are building their own new stadium, while both Liverpool and Manchester City have conducted renovations to their home venues in recent years.
In terms of other Serie A clubs, meanwhile, a new 18,500-capacity stadium for Venezia will be ready in 2027.
Heavyweights Juventus opened their own new ground in 2011, meanwhile, while both Roma and Lazio – who currently share the Stadio Olimpico in Rome – are understood to have vague plans to move elsewhere.
The architectural vision for the new Milan stadium has been delivered by the Foster + Partners and Manica firms, with those firms having agreed the plans with the clubs respective owners – RedBird Capital Partners (AC Milan) and Brookfield Asset Management (Inter Milan).
Foster + Partners is involved in plans for Manchester United's new stadium, currently still in the early stages of planning and design.
The idea is that the new venue will be able to host other major sporting events – including NFL American football games, and international rugby union – as well as music concerts.
The transaction, completed through Stadio San Siro, was supported by financing provided by international banking institutions Goldman Sachs and J.P. Morgan as co-lead arrangers, and by the clubs’ banking partners, Banco BPM and BPER Banca.
Manica, founded by David Manica, has designed several sports venues, such as Allegiant Stadium in Las Vegas and Chase Center in San Francisco, home to the NFL’s Las Vegas Raiders and the NBA’s Golden State Warriors, respectively.
The firm is also responsible for the design of the new stadium for the Chicago Bears and the Miami Freedom Park, the future home of Major League Soccer club, Inter Miami.
Generali, meanwhile, will also act as the official insurance partner of both clubs.
The insurance firm is currently best-known for its sports sponsorships in the worlds of tennis and padel – last month, it was unveiled as the new presenting partner for the men's Davis Cup national team tennis tournament.
