AC Milan, Inter Milan Acquire City’s San Siro Stadium

Milan’s AC Milan SpA and FC Internazionale Milano SpA football clubs acquired the city’s San Siro stadium, moving ahead with plans to replace the well-known arena.

The rival clubs will join forces to build a new stadium and redevelop the surrounding area, they said in a joint statement on Wednesday. They paid €197 million ($226 million) for the property, the city said in September.

The sale represents a milestone for Italian football. Top clubs in Italy are trying to gain control over their home stadium so they can generate additional revenue and develop their existing facilities.

Both AC Milan ...