By Marta Elena Casanova
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In modern football, owning a stadium is no longer just a matter of pride or tradition — it’s a real economic strategy that can make the difference between a successful club and one constantly playing catch-up. Clubs like Bayern Munich, Arsenal and Juventus understood long ago the importance of having their own stadiums, using them not only for matches but as continuous sources of revenue through hospitality, merchandising, events, and naming rights. Meanwhile, teams like Milan and Inter, historically tied to San Siro, pay high rents without being able to fully capitalize on their brand. But the situation in Milan is (perhaps) undergoing a major acceleration, with overlapping projects and strategic choices that could reshape Italian football.
Why Owning a Stadium is a Real Economic Advantage
The numbers are clear: clubs with their own stadiums can generate ticket sales, VIP hospitality, shops, tours, and off-season events that easily exceed €150–200 million per year. That’s the case with Bayern’s Allianz Arena or Arsenal’s Emirates Stadium, which benefit from these streams to keep healthy financials and invest strategically.
Juventus, with its Allianz Stadium, may not reach the same revenue levels, but still enjoys a stable and independent base, with significant income from matchdays and related services.
On the other hand, Inter and Milan play at San Siro on lease, each paying around €8 million annually without being able to earn from naming rights or fully utilize the facility. This results in lower revenues and reduced capacity for stadium-related investments.
Milan Changes Course: From San Donato to San Siro, the Future Takes Shape
Until recently, Milan had a clear direction: a new stadium in San Donato Milanese, in the “San Francesco” area. The club had already decontaminated the site, received approval from the city council, and begun the planning process for a 70,000-seat modern stadium, LEED Gold certified, designed as a true urban hub with a hotel, museum, shops, offices, and green spaces.
Estimated cost: about €1 billion, with a planned opening for the 2028–29 season. It was an ambitious and sustainable project that would finally give Milan a valuable real estate asset, capable of transforming the fan experience and multiplying revenue.
But something changed. In recent months, Milan has slowed down the San Donato process, opening the door to a new scenario: a joint stadium project with Inter at San Siro.
Norman Foster and the San Siro Revival: A Challenge for Milan
On June 10, 2025, it was officially announced that Norman Foster, one of the world’s most renowned architects, had been chosen along with Manica studio to design the new San Siro stadium, set to replace the legendary Giuseppe Meazza.
Foster — who designed the new Wembley and Lusail Stadium in Qatar — won an international competition involving 13 top-tier studios (including Herzog & de Meuron, Bjarke Ingels, and Populous). The team aims to present the preliminary design by mid-2026, while the site acquisition is expected to close by July 2025, in order to avoid a preservation ruling scheduled for November on the stadium’s second tier.
This project marks a turning point for Milanese football, as bringing Milan and Inter together in a modern, sustainable stadium could finally bridge the economic and structural gap that has persisted for years.
Owning a stadium means far more than saving on rent: it’s about entering a system of diversified income, attracting international sponsors, creating an urban and cultural landmark, and building long-term value. The futuristic San Donato project and the San Siro revival with Foster both signal a city ready to reinvent itself and compete with Europe’s major capitals. The final decision between the two paths has not yet been made, but it’s clear that Milan is determined to move forward and provide its clubs with a stadium worthy of their ambitions.
A Long-Term Investment
The new stadium won’t just be a home for Milan and Inter — it will be a key investment for their economic and sporting growth. In today’s football, owning a stadium means a clear competitive edge: the ability to generate steady, diversified, and growing revenues that are independent of results on the pitch.
Milan now seems ready to close the gap with Europe’s elite clubs and turn the “hidden gold” of stadium ownership into a real source of success and sustainability.
By Marta Elena Casanova
