Renowned British architect Norman Foster is keeping details of the new San Siro stadium project closely guarded as he works on the replacement venue for Inter Milan and AC Milan. When pressed by reporters for a preview of the design that will succeed the iconic San Siro, Foster offered only a cryptic response: "I remind you there's only one chance to make a good first impression." According to reports from Corriere della Sera, maintaining strict secrecy remains the primary approach for this high-profile project.
The ambitious stadium project is being developed to serve as a new architectural landmark for the city of Milan, creating enormous expectations that the final design must honor the legacy of the historic Giuseppe Meazza Stadium. Foster's architectural studio is collaborating closely with Manica Architecture throughout the design process, while maintaining regular meetings with the ownership groups behind both clubs - Oaktree Capital Management for Inter Milan and RedBird Capital Partners for AC Milan.
The design phase is expected to be extensive and thorough, with multiple architectural drafts likely to be presented and evaluated before stakeholders select a final proposal. Industry sources indicate that this decision-making process is scheduled to conclude around mid-2026, allowing ample time for careful consideration of all design elements and technical requirements.
Once the final stadium design receives approval from all parties, the project will transition into its construction phase. A public tender process will be launched to select the construction consortium responsible for building the new venue, with the bidding open to both Italian and international construction companies. The primary requirement for potential builders will be strict adherence to the agreed-upon cost ceiling that has been established for the project.
Both Inter Milan and AC Milan have already secured the substantial financial backing necessary for this billion-dollar undertaking. The clubs have arranged comprehensive loan packages through a consortium of major financial institutions, including JP Morgan, Goldman Sachs, Banco BPM, and BPER. These loans are being supported by significant equity investments from the respective ownership groups, Oaktree and RedBird.
The majority of the project's total cost, which exceeds one billion dollars, will be financed through debt instruments rather than direct investment. Financial experts expect favorable lending rates for the project, thanks to the strong projected revenue guarantees that the new stadium complex is expected to generate through ticket sales, corporate partnerships, and other commercial activities once operational.
