Italian financial police (yes, there actually are) have searched the offices of Milan’s city hall, while nine people are under investigation for suspected bidding fraud related to the sale of the stadium to AC Milan and Inter Milan.
The historic sale of San Siro is now under investigation. After intense negotiations between the city of Milan, Inter Milan and AC Milan, the three parties agreed that the clubs would take over ownership of the stadium for 197 million euros. Now Italy’s financial police suspect that there have been irregularities in the process, according to the website Calcio e Finanza.
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It is important to note that neither Inter Milan nor AC Milan are currently under investigation. For now, the spotlight is solely on the city of Milan and nine employees who are being investigated by the authorities for suspected bid fraud. They are also charged with leaking confidential information in connection with the stadium sale process from 2019 until its announcement on March 24, 2025.
According to Italian prosecutors, those under investigation – among them municipal officials, consultants employed by Inter and Milan, as well as some former Inter employees – are alleged to have exercised “arbitrary discretion in the selection process of contractors by manipulating the various phases of the process with the aim of eliminating or deterring potential bidders other than those who were pre-selected.” In other words, investigators are investigating whether the sale favored private interests over public ones.
The investigation began after several complaints from neighborhood groups opposed to the sale and planned demolition of the stadium, as both clubs have plans to build a new facility. During an operation by the financial police in early April, both computers and mobile phones were seized.
However, the investigation has been put on hold for the time being, after Christian Malangone, who is the general director of the city of Milan, refused to provide the financial police with the passwords required to access his electronic devices.
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For prosecutors, Malangone’s role is considered crucial, because he was the municipal official most closely involved in the years of discussions between Inter and AC Milan. The rest of those under investigation have already granted access to their seized devices, and authorities are now reviewing documents and conversations that are considered relevant to the case.
The controversy surrounding the investigation has also reached the political arena. Fratelli d’Italia, the party of Prime Minister Giorgia Meloni, who is also part of the opposition in Milan, has put forward a proposal to reverse the sale that the city council approved in September last year. Then the city council gave the green light for the transfer of San Siro and the surrounding area to Inter and AC Milan.
Inter Milan and AC Milan signed the final purchase documents required to complete a process that started several years ago. On September 29, they officially went ahead with the purchase, after the city of Milan approved the sale of the stadium for 197 million euros – a stadium that had previously been publicly owned.
The purchase price of 197 million euros will be paid in several installments. First, 91.96 million euros must be paid before the purchase agreement is signed. The second payment will be calculated based on the gross area of the new stadium, and must be completed within 30 days of certain urban planning conditions being met. The two Serie A clubs have also reached an agreement with Banco BPM, which guarantees them €124 million in funding.
