AC Milan and Milan Fair have come to an agreement which confirms AC Milan pulling out of its deal to build a new stadium in the city’s Portello district. The Fair will meet next Monday to consider an offer of a compensation fee of €10 million, according to a report in Gazzetta World.
As recently as July 7, the Fondazione Fiera released a statement confirming that they had assigned development plans for Pavilion 1-2 at Portello to AC Milan-Arup Italia. Differences between the parties then emerged and culminated in AC Milan stating in early September that they would stay in the San Siro (pictured).
The joint venture was winner of a tender, meeting all the goals and statutory purposes of Fondazione Fiera Milano and identifying the functions – sports, recreational, accommodation, training, research, health, services – that cater to the needs of a changing city and the development of the metropolitan area.
The stadium was envisaged as the hub around which would be arranged a number of green pathways, with public facilities, retail, food and beverage, a hotel in a privileged location, blending in with the main business and fitness center complex, all functions aimed at actively involving the local community.
AC Milan’s estimated budget was in excess of €300 million with the lease for Fondazione Fiera Milano set to be €4.050 million a year under a 50-year land lease agreement.