With 197 million the Milan clubs set their hands on the stadium and neighborhood. An out of market deal that also includes deductions of up to 36 million. Between clauses and discounts the account of the money lost by citizens is salty: 220 million
After hours of discussion and a “tagliola” that made hundreds of amendments decay, on the night between Monday and Tuesday the city council of Milan approved the resolution that changes the history of San Siro. With 24 votes in favor and 20 against, the Real Estate Complended Scope of GFU San Siro – 280,000 square meters comprehensive of the Meazza stadium and the surrounding areas – moves to Inter and Milan for 197 million euros. The figure, already lower than expectations, becomes, if analyzed a rumor by voice, a real gift to the companies, an operation at a loss for the Milanese not only from a symbolic, but above all economic point of view.
To understand the imbalance it is enough to observe how the price was calculated. The resolution establishes that the gross building attributed to the area is 98,321 square meters. On this quota, the set unit value is 1,261.18 euros per square meter, validated by Bocconi and Polytechnic. It means that the “new” part – the building land – is worth around 124 million euros. But in the area, areas with similar characteristics have higher prices, around 2,000 euros per square meter. If the evaluation had been that of the market, the Municipality would have collected about 200 million only for the building part, to which the value of the existing system should have been added.
The value attributed to the meazza artifact only is 73 million, while the sedime area on which the stadium insists (70,100 square meters) is estimated at another 30 million: a total of about 103 million. The entire compendium of 280,000 square meters was assessed 124 million, that is 441 euros per square meter. A value that coincides with the assessment of the building alone (98,321 square meters for 1,261 euros per square meter), confirming that the rest of the area was in fact underestimated. A negligible figure, which does not take into account the semi -concentral position, nor the symbolic value of a system famous all over the world. Making the total accounts, the Municipality collects 197 million for something that the market would evaluate between 280 and 336 million: a discount that ranges between 83 and 139 million euros. But the scissor widens if you consider another clause of the resolution: deductions up to 36 million. In practice, if the teams make works that were for the administration, such as environmental reclamation, the selective demolition of the Meazza and above all the tunnel of via Patroclo, will be able to climb those costs from the price. These are not secondary works, but of fundamental interventions to make the new sports citadel functioning. Thanks to this mechanism, the actual outlay of the clubs can drop up to 161 million euros, calculating 36 million deductions.
The Patroclo tunnel is a crucial work to connect the area of the stadium with the west ring road and lighten the traffic. Instead of returning to the expenses borne by the clubs, it is transformed into a deduction: Milan and Inter make it, but they do not really pay it because the cost is removed from the price due to the municipality.
And then there is the question of the concession fee. Today Milan and Inter pay around 11.1 million euros per year (partly cash, partly as extraordinary maintenance works that have not been doing for years, with a debt of over 20 million towards Palazzo Marino). There are still five years to the natural expiry of the concession, set in June 2030. There are 55 million euros that the Municipality would have collected and that instead will never arrive. If you add up these missed income to the discount on the sale price, the final account for Milanese citizens exceeds 220 million euros.
It was not enough, the contract was armored with a series of clauses that protect the clubs. The most discussed is the criminal shield: if in the first nine months from the act, judicial proceedings were to be opened that put the start of the works at risk, Inter and Milan will be able to withdraw from the contract and get back the money paid. If, on the other hand, the impossibility of proceeding will not be their fault, the Municipality will have to even reimburse up to 20 million documented expenses and give up two years of fee. In other words: the risk is all for public charge, the protection all in favor of private individuals.
The payment methods are also a gift. In a few days, at the signing in front of the notary, the clubs will verse 73 million. The other installments are deferred and linked to the advancement of the works. But above all, on the deferred sums, interest to 2% per year, that is, to the legal rate, much lower than the real cost of money mature. In practice, Milan and Inter obtain a sort of subsidized financing from the Municipality: they pay later and with ridiculous interests.
The night in the classroom confirmed the picture: over 200 amendments, only four approved (Pd: anti -mafia, transparency, roofs to reclamation, inclusion), with the abstention of Forza Italia decisive. The opposition speaks of “total yield”, in the center -left there are those who denounce a democratic wound; The resignation of the green councilor are expected Elena Grandiwhich could open up and a majority verification of Beppe Sala.
After the approval of the resolution, the operational phase opens. After the stipulation and the down payment, the clubs will present the executive project of the new stadium, signed Foster + Partners and sleeve. The Meazza will remain standing up to the 2026 Winter Olympics, when it will host the opening ceremony of the games. Only then will we begin to plan selective demolition, but it is not clear when the real construction sites will start, also because investigations of the judiciary and constraints of the superintendency could slow down the process until it was wrecked.
The city remains the loss of a symbol and the awareness of having collected less than half of the effective value of the property: an international competition would have been enough to have a greater entry. Inter and Milan, on the other hand, have made a deal: they buy at discounted prices, save on the fee, download the risks on the Municipality and ensure a brand new system.
