The redevelopment of the area has an expected cost of 1.5 billion euros. Almost all the amount will be anticipated by foreign institutes such as Goldman Sachs, JP Morgan and Bank of America. Of tricolor there will be only Banco Bpm, for now with a marginal role
Milan prepares to lose San Siro. After a painful vote, the Municipality approved the sale of the Meazza and the surrounding areas to Milan and Inter for 197 million euros, a figure well below their real value. Not only economic, but also historical and symbolic for the past of Nerazzurri and Rossoneri. But the real novelty is that, demolished the symbol of the city, its successor will be born not from a civic project or from domestic capitals, but from an operation structured almost entirely by foreign banks, with a thread that always leads to the same names of international finance.
The project signed by Foster + Partners and Manica, in fact, includes a system of about 71,500 seats with only two rings, extended hospitality spaces, commercial areas, catering and urban functions 365 days a year. Estimated cost: between 1.2 and 1.5 billion euros. Of this figure, up to 1.2 billion could arrive (as anticipated by Sole24 hours) from a union loan with Goldman Sachs, JP Morgan, Bank of America and Mufg (Mitsubishi Ufj) among the protagonists, while the only Italian institute that appears in the list is Banco Bpm, for now with a marginal role. The presence of BPM is explained not only with long -term sponsorship relations with Milan, but also with a past as a reference bank for Inter. Although, today, the Nerazzurri official Banking partner is Bper. The two main Italian bank institutions, which would have represented the natural counterweight to the American giants, are not involved (at the moment) Intesa Sanpaolo or Unicredit.
There is, then, a thread that Lega Clubs and banks even more evident and is found in the managers’s profiles. Cardinal Gerryowner of Milan through Redbird Capital, for twenty years he was partner of Goldman Sachs in the Merchant Banking Division: there he built his network of contacts and the reputational capital that today makes him one of the most influential sports investors in the world. On the Inter front, Oaktree, owner of the club, has two managers who grew up in the same bank in the summit: Dan Levintoday Chief Financial Officer, was vice -president in Goldman’s investigation banking; Alejandro CanoEuropean fund co-head, began his career right in the Goldman Sachs TMT team. Not only them: inside Redbird and Oaktree, the curriculums that pass from the great international business banks are very numerous. Former Goldman Sachs, JP Morgan (Tim Markov And Shannon Richards), Bank of America (Austin Jacoby) and even mufg (Christopher Gray) make up most of the investment teams of the two shareholders of Milan and Inter. Suffice it to mention, for example, the presence in Redbird of Robert Kleinalready senior executive of JP Morgan, or in Oaktree of Megan Messinawho guided the global structured credit of Bank of America, and of several Managing Directors who grew up at the Goldman school (Justin Quaglia, Nael Khatoun or Milwood Hobbs Jr).
The financing scheme is now consolidated. In London, the new Tottenham stadium was made with a package of about 400 million pounds put together by Goldman Sachs and Bank of America-Merrill Lynch, with HSBC among the main financiers. Also in England, the expansion of the main tribune to Anfield (Liverpool house) was supported by the American property of Fenway Sports Group while, before their arrival, the club relying on domestic banks such as RBS. Even the new Averton plant in Bramley-Moore Dock has been structured with the assistance of JP Morgan and the Japanese Mufg.
In Spain, the restyling of the Santiago Bernabéu was supported by a loan of 575 million in 2019, to which a tranche of 225 million in 2021 was added, with JP Morgan and Bank of America as the leading banks and the support of Caixabank and Banco Santander. In Barcelona, the 1.45 billion espali Maxiprogetto was organized by Goldman Sachs and JP Morgan together with about twenty institutional investors, while for ordinary management the club continues to work with Caixabank and Santander. Finally, in Valencia, the relaunch of the Nou Mestalla rests on a loan of over 300 million euros located by Goldman Sachs at international investors.
The European framework shows a common trait: global banks are always present but, often, alongside domestic institutes that guarantee local roots: Santander and Caixabank in Spain, HSBC in England.
Milan and Inter reach this phase already marked by a path built more on debt than on direct capital. When Redbird purchased Milan in 2022, a significant part of the price was not covered by its own resources but by a loan granted by the seller, Elliott, for over 500 million: a debt refined in 2024 and reduced to about 489 million, expiring extended to 2028 6.75%, then extinct in advance and replaced in 2025 by a new 350 million loan expiring 2030. A continuity that starts from afar: already with Thohir And SuningGoldman Sachs was among the club’s main creditors.
Today the refinancing passes from Oaktree, confirming that both teams live in balance thanks to a constant appeal to the debt market and large international business banks. Milan and Inter are no longer just sports clubs, but companies that live in debt and global refinancing. And precisely to them the Municipality of Milan of Beppe Sala He sold San Siro, closing a century of history and opening the door to international finance in the heart of city football.
