A line that we have had to repeat in recent years must be used again: optimism about AC Milan and Inter’s stadium project is fading.
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As explained this morning by Corriere della Sera (via MilanNews) this morning, after days of silence and consultations with lawyers, negotiations between the parties resumed yesterday, but once again no ‘white smoke’ has arrived.
Guarantees missing
What is missing are the guarantees that the Council has asked for from the two clubs. They are in fact asking Milan and Inter to include the two football clubs in the vehicle companies that the teams are preparing for the bankability of the operation.
At present, the plan is just to include the two ownership groups, RedBird and Oaktree Capital. This is because without Milan and Inter in the corporate vehicles, the two American funds could buy the area and lose interest in the new stadium.
The paper adds: “Another area of risk monitored by Palazzo Marino concerns the possible speculation on the sale of building rights. The request is to insert a clause that provides for the non-transferability of building rights until the implementation plan is defined.
“Even more important for the Council is to secure itself from possible speculative manoeuvres and transfers of ownership shares. The offices are studying a clause prohibiting resale to limit as much as possible the possibility of selling or transferring the property for a certain period of time.”
The Council also ask that – upon the signing of the deed – all other hypotheses are terminated (San Donato for Milan and Rozzano for Inter). From the teams comes a cautious optimism, with the certainty of closing this first tranche of negotiations within a few days.
However, time is running out and July 31 – the day by which Palazzo Marino (the City Hall) has repeatedly reiterated that it wants to close the deal for the sale of San Siro and the surrounding areas to Milan and Inter – is getting closer.
Meanwhile, appeals are multiplying against this project that also includes the demolition of a good part of the current stadium. The latest of these concerns the date on which the restriction on the second tier should come into force.