AC Milan and Inter Milan unveiled the design of their jointly planned new stadium on Thursday, and one detail commanded immediate attention: the name. The 71,500-capacity arena, due to replace the iconic San Siro from 2031, will be known as the Generali Stadium — after the Italian insurance giant that has agreed to pay roughly 650 million euros (£542 million) for naming rights stretching to 2052.

The scale of that agreement places it among the most lucrative naming-rights deals in the history of sport. AC Milan owner Gerry Cardinale called it "the biggest stadium naming-rights deal in the history of global sports," speaking to BBC Sport.

Why a new stadium — and why now?

Both clubs are owned by separate US-based investment firms. Their case for replacing San Siro rests on the argument that the century-old ground's deteriorating condition and lack of modern facilities have contributed to Italian football's decline in European standing.

"The Premier League has set the benchmark in terms of commercial development and infrastructure," Cardinale said. "Italian football has fallen behind, and we need to change that."

Construction of the new stadium is expected to cost approximately 1.2 billion euros (£1 billion). The clubs intend to recoup a significant portion through nearly 12,000 premium and hospitality seats, alongside concerts and multi-sport events. AC Milan have called San Siro home for 100 years; Inter moved in in 1947. In 2025, the pair paid 197 million euros (£164 million) to acquire the stadium and its surrounding land.

Not everyone is celebrating. Some Inter fans demonstrated outside the announcement venue carrying a banner reading 'You will never extinguish the lights at San Siro' and chanting