AC Milan and Inter Milan have officially unveiled plans for their new shared home, Generali Stadium, marking a significant step towards the eventual redevelopment of one of Italian football’s most historic sporting landmarks, San Siro.
The two Serie A giants announced the project on Thursday, October 29, 2026, confirming that the new stadium will have a capacity of approximately 71,500 spectators and is expected to host its first match during the 2031/32 season, subject to the necessary approvals.
The stadium’s construction is estimated to cost more than €700 million, while the wider development project has been reported to involve a total investment of approximately €2.3 billion. The broader figure covers the stadium and the extensive redevelopment of the surrounding area, rather than the construction of the sporting venue alone. These figures are reported estimates, not a final cost breakdown published in the clubs’ official announcement.
Construction is expected to begin in 2028, with the clubs targeting the 2031/32 campaign for the stadium’s opening. If the schedule is maintained, the project will take approximately three to four years to complete, although the final timeline remains dependent on planning procedures and the necessary approvals.
The announcement signals the beginning of a new chapter for the Milan rivals, who have shared the iconic San Siro stadium for decades but are now preparing to move into a purpose-built facility designed to improve the matchday experience and increase commercial revenue.
The new venue will carry the Generali name following a naming-rights agreement with the Italian insurance and asset management company. Generali will also become the official insurance partner of both clubs, strengthening its commercial relationship with the two Milanese institutions.
Although the financial terms of the naming-rights agreement have attracted considerable attention, the clubs’ official announcement did not disclose a precise value for the deal. Reports describing the agreement as one of the largest stadium naming-rights partnerships in global sport have not been accompanied by an officially confirmed financial figure.
Designed by architectural firms Foster + Partners and MANICA, the new stadium will feature a distinctive structural design intended to preserve the atmosphere associated with San Siro while introducing modern facilities and a more immersive experience for supporters.
With approximately 71,500 seats, the venue will have two tiers of seating arranged in a continuous 360-degree bowl, bringing spectators closer to the pitch. Its steep stands, particularly behind the goals, are designed to recreate the intensity of the famous Curva sections that have become synonymous with the passionate support of AC Milan and Inter.
The architectural design will also feature a prominent X-frame structure and a sweeping double-curved roof, giving the stadium a distinctive appearance inspired by Milan’s architectural heritage.
The two Curvas will be among the defining features of the stadium, with seating inclinations of up to 37 degrees intended to intensify the atmosphere and create a stronger connection between supporters and the action on the pitch.
The roof will incorporate photovoltaic technology and acoustic features, while the wider design will include sustainability measures intended to improve energy efficiency and reduce the stadium’s environmental impact.
Beyond its sporting function, the project forms part of a wider urban regeneration development covering approximately 281,000 square metres. Plans include public spaces, green areas, retail outlets, leisure facilities and other attractions intended to make the surrounding district active throughout the year.
The redevelopment is also expected to create new commercial opportunities for both clubs by expanding their ability to generate income beyond matchdays through hospitality, stadium tours, retail, entertainment and other events.
For AC Milan and Inter, the financial implications are significant. Modern stadium infrastructure is increasingly important for European football clubs seeking to strengthen their commercial operations, improve matchday earnings and compete with rivals operating newer facilities.
The reported €2.3 billion overall investment underlines the scale of the ambition behind the development. However, it is important to distinguish the total cost of the wider project from the estimated €700 million-plus required to construct the stadium itself.
The clubs are seeking to establish a destination that generates income throughout the year, rather than relying predominantly on ticket sales and matchday spending. Concerts, entertainment, commercial facilities and tourism-related activities are expected to contribute to the site’s long-term economic potential.
The project also represents the gradual end of an era for San Siro, officially known as Stadio Giuseppe Meazza.
Opened in 1926, the stadium has witnessed generations of football history, including domestic title celebrations, European nights and some of the most memorable encounters between Milan and Inter.
Its towering stands and distinctive architecture have made it one of the most recognisable venues in world football, while its shared use by the two clubs has given it a unique place in the rivalry between the Milanese giants.
Under the current plans, construction of Generali Stadium is expected to begin in 2028, with both teams continuing to use San Siro until their replacement venue is ready.
The new stadium is targeted to open during the 2031/32 season. Following the transition, San Siro is expected to be largely demolished, although plans have included retaining part of its structure for heritage purposes. The precise extent of the demolition and redevelopment will depend on the project’s final implementation.
The proposed timeline would allow the new venue to become operational ahead of the 2032 European Championship, which Italy will co-host with Türkiye, although the clubs’ announcement specifically identifies the 2031/32 season as the target for the first match.
The decision has also attracted opposition from supporters who believe San Siro’s historic significance extends beyond its physical structure. For many fans, the stadium represents generations of memories and an essential part of Milan’s football identity.
Nevertheless, the two clubs are moving forward with their shared vision of a modern stadium that can accommodate their sporting ambitions while helping transform the surrounding area.
The unveiling of Generali Stadium therefore represents more than a change of venue. It is a major infrastructure and commercial project that could reshape the future of both clubs and the wider football landscape in Milan.
With a planned capacity of 71,500 spectators, an estimated construction cost exceeding €700 million and a reported overall development investment of approximately €2.3 billion, the project ranks among the most ambitious stadium developments in Italian football.
If the plans proceed according to schedule, construction will begin in 2028, with the first match targeted for the 2031/32 campaign. Supporters will therefore have to wait several years before seeing their teams compete at the new ground.
Generali Stadium is expected to become the next shared home of AC Milan and Inter, ushering in a new era for the two clubs while bringing San Siro’s extraordinary history towards a defining turning point.
