AC Milan and Inter Milan have teamed up to complete the acquisition of the San Siro stadium and surrounding land from the city authorities, in a further step towards demolishing the venue and building a new one, the two clubs said on Wednesday.

AC Milan and Inter, owned by US investment funds RedBird and Oaktree respectively, have hired architectural firms Foster + Partners and Manica to work on a new stadium with a capacity of 71,500, part of a broader redevelopment of the area with commercial and residential buildings.

The old ground, which the clubs share, will be demolished except for a heritage section comprising part of its second tiers.

Prosecutors in Milan have opened an investigation into alleged bid-rigging in the deal, judicial sources said on Wednesday, following a complaint

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