'We fell behind' - what does new San Siro deal mean for AC Milan and Inter?

AC Milan and Inter are owned by separate US-based investment firms and in the joint announcement described the Generali Stadium as "a new home for generations of supporters, and a destination designed to contribute to the cultural, economic and urban development of the city".

The demolition of San Siro has been discussed for decades, and the clubs believe its deterioration and lack of modern features are significant reasons behind their progressive fall lower down the pecking order at the top of European football.

The new stadium is expected to cost about 1.2bn euros (£1bn) to construct, and the clubs aim to generate income by selling just under 12,000 of the seats as premium or hospitality, and host a wider array of events like concerts and fixtures in other sports.