AC Milan and Inter have confirmed the purchase of the iconic San Siro stadium ahead of plans to rebuild a new 71,500-capacity arena.The Serie A giants confirmed the deed of the sale with the Municipality of Milan for the land as they look to redevelop the stadium.Milan and Inter have agreed a multi-million deal to buy the San Siro ahead of their plans to demolish the stadiumGettyPlans to rip down the decaying stadium have been proposed for many years with both clubs seeking a more futuristic home.The two clubs, who have shared the San Siro since 1947, have shelled out £173million to the city council to take ownership of the land around it.MANICA and Foster + Partners, who are also behind Manchester United’s proposed new stadium, have been appointed to oversee design and development of the stadium and the masterplan for the surrounding area.Although plans are set to see the Milan clubs make a huge upgrade, the stadium will have a lower capacity with 4,000 less seats than what is currently available to fans.A new chapterIn a joint statement on Thursday the club’s said the reconstruction of the San Siro will be the beginning of a new chapter for them as well as the city of Milan.The statement read: “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 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 centre 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 stadium will feature two tiers while housing 71,500 spectators. The project is set to cost a whopping €1.25bn.“For us, this is a historic moment,” said Milan chairman Paolo Scaroni. “It has taken five or six years to reach this point and we had great support from our owners RedBird.The Derby della Madonnina will take place a new futuristic stadium in the coming years“San Siro has been excluded by UEFA as a stadium for Euro 2032 – it simply doesn’t have all the facilities that are needed for modern football. We badly need a new stadium.“We have always had a good relationship with Inter, so it makes sense to continue sharing the new stadium and split the costs of building and running it.”The designs for the new stadium are set to be published in early 2026 with a completion date yet to be agreed.Bridging the gapThe move to a new stadium is a necessary step as both Milan clubs aim to return to the top of European football.Only Real Madrid have won more European Cups than AC Milan’s seven, however the Rossoneri have not won the trophy since 2007.Inter’s last triumph came in 2010 but have lost two of the last three finals to Manchester City and Paris Saint-Germain.AFPMilan have gone almost 20 years without winning the Champions League[/caption]Jose Mourinho led Inter to the trophy in 2010GettySerie A was the holy grail of world football in the 1990s and early 2000s but the emergence of the Premier League and its finances, particularly from broadcasting deals, has dwarfed the Italian top flight.In a bid to keep their heads above water, both Milan and Inter have been through various ownerships in recent years with the club’s currently bankrolled by US-based investors.The Milan clubs brought in just over £350m in revenue in 2024 equating to around 50 per cent less than clubs such as Manchester City and Manchester United and fractionally more than Newcastle, Aston Villa and West Ham.“The whole of Italian football is lagging behind the Premier League – when there is a new good player they tend to go and play in the Premier League simply because they are better paid,” Scaroni told reporters.