One of the world's most famous stadiums is set for demolition after Milan city hall early Tuesday approved the sale of San Siro, nicknamed football's La Scala, to the city's two football giants.

Axar.az informs, citing France 24, Inter and AC Milan had both threatened to abandon the city had the sale not been approved after having looked at sites in nearby suburbs.

More than 11 hours of debate at city hall ended with 24 votes in favour of the sale for 197 million euros ($231 million) and 20 against -- enough for Italy's economic capital to decree that Inter Milan and AC Milan will become owners of both the iconic stadium and adjacent land.

Confirmation of a vote in favour of the resolution didn't come until nearly 4:00am (0200 GMT) after a long night which included discussion of a raft of proposed amendments.

In the end Inter and AC Milan, both owned by US investment funds, and the mayor of Italy's economic capital Giuseppe Sala got what they wanted after years of uncertainty over a 1.2-billion-euro project.

The clubs proposed purchasing the site in March after a previous project in which the land remained public was abandoned in 2023.

In a statement, Inter and AC Milan called the vote "a historic and decisive step for the future of the clubs and the city".

"The clubs look ahead with confidence and responsibility to the next steps of the process that will lead to the creation of a new stadium meeting the highest international standards."

As long as the sale is completed by November 10 -- when a public building protection order preventing the demolition of the San Siro comes into effect -- Inter and AC Milan will take control of just over 28 hectares (70 acres) of public land in a densely populated area on the western outskirts of Milan.

It is on the land to the immediate west of the San Siro, currently occupied by matchday car parking and a local park, where a modern 71,500-capacity arena will be built.

Once the new ground is constructed, San Siro will be almost entirely demolished to make way for new parkland, office space and entertainment facilities with everything to be designed by architectural firms Foster and Partners and MANICA.