AC Milan and Inter have signed deeds to acquire San Siro in a major step towards building a new stadium.
The two Italian clubs announced on Wednesday the signing of the deed of sale with the municipality of Milan to acquire the San Siro Urban function which includes the famous stadium, officially known as the Giuseppe Meazza, and its surrounding area.
The transaction had been approved by the local council in September but the signed documents represent a major milestone towards a new stadium.
Milan and Inter have beaten a deadline, set for Nov. 10, when the second tier of San Siro would turn 70-years-old and take on historical significance which would make it even harder to tear down.
Milan and Inter plan to demolish the 99-year-old San Siro and build a new 71,500-seat stadium which they would share by the 2030-31 season. San Siro has been Milan's home since 1926. But it hasn't been revamped since the World Cup in Italy in 1990.
The final price for the new stadium will be €197 million (£174m, $226m), according to La Gazzetta Dello Sport.
According to Italian newspaper Gazzetta, the Milan prosecutor's office is investigating whether it will file a court case over bid-rigging in the deal.
A joint statement on Wednesday read: "AC Milan and FC Internazionale Milano today announce the signing of the deed of sale with the Municipality of Milan for the acquisition of the San Siro Great Urban Function, including the Meazza Stadium and its surrounding area.
"The construction of the new stadium and the urban regeneration project for the San Siro district represents a new chapter for the City of Milan and both Clubs. The strategic milestone reflects the shared ambition of AC Milan and Inter and their respective owners, RedBird and funds managed by Oaktree, for long-term sporting success and value-enhancing investment to support the Clubs' sustainable growth.
"The Clubs have entrusted Foster + Partners and MANICA with the design and development of the new world-class stadium and the masterplan for the surrounding area. The stadium will meet the highest international standards and is destined to become a new architectural icon for the City of Milan.
"As part of the project, a new center of excellence will also be established, reflecting the sporting and cultural vocation that defines the San Siro district and the entire city, while redefining the urban space through innovation, sustainability and accessibility.
"The transaction, completed through Stadio San Siro S.p.A., was supported by a financing provided by international banking institutions Goldman Sachs, J.P. Morgan, as co-lead arrangers, and by the Clubs' banking partners, Banco BPM and BPER Banca."