13 hours ago
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While there is a lot of anticipation for AC Milan vs. Roma on Sunday night, the stadium issue rumbles on in the background.
Early next week, Milan and Inter are expected to formally sign the deeds that will transfer the ownership of San Siro and the surrounding area to the two clubs from the City Council. From there, they will begin constructing a new home, and will partially demolish the Meazza.
Financing confirmed
According to Calcio e Finanza, Banco BPM will act as the financial guarantor for the transaction that will see Milan and Inter by the stadium and the site around it. The Milanese bank has issued first-demand guarantee to secure payment of the deferred price instalments, for an exact guaranteed total of €124.07m.
The transaction – which will be formalised with a notarial deed by Dr. Filippo Zabban – concerns the real estate complex called ‘Grande Funzione Urbana San Siro’. This includes the current stadium (approximately 70k square metres) and the surrounding building areas (approximately 211k square metres).
The total price agreed for the purchase amounts to €197.08m (plus VAT), which the buyers (clubs) will pay to the Council in several instalments:
➤ €91.96m will be paid before the signing of the purchase agreement;
➤ A second instalment will be calculated on the basis of the gross surface area of the new stadium and must be paid within 30 days of the occurrence of certain urban planning conditions;
➤ The remaining amount will be paid within 10 days of completion of the partial demolition works of the Meazza; a possible maximum balance of €22m euros will be paid upon completion of the works subject to the deduction.
These deferred instalments are covered by the guarantee issued by Banco BPM , which has undertaken to pay the Council the amounts due on first demand, in the event of non-payment by the buyer.
Banco BPM’s guarantee is essential to the closing of the transaction between the Council and the clubs, ensuring the financial stability of the buyers during the transition phase and the protection of the public entity in the event of default.
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