MILAN (Reuters) -AC Milan and Inter Milan have teamed up to completethe 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 U.S. 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.