Fiorentina advances €101m Franchi plan for 60-year concession
Fiorentina’s proposal for a 60-year Artemio Franchi concession has cleared a preliminary public-interest assessment, advancing a plan involving €101m in initial investment and long-term responsibility for stadium maintenance.
Florence’s municipal government has declared Fiorentina’s proposal to complete and operate the Artemio Franchi stadium redevelopment to be in the public interest, moving the project towards further approval and a competitive tender.The proposal envisages a 60-year concession backed by €101m in initial private investment, with the future operator also responsible for managing and maintaining the entire stadium complex.Florence mayor Sara Funaro said: “We know this is not an endpoint because there are still steps to take.“Then the definitive proposal must arrive, followed by the decision-making services conference and the subsequent tender. But this is already a genuinely important first step that we particularly care about.”The decision does not award Fiorentina the concession, with the club required to incorporate conditions identified during the preliminary assessment into a definitive technical and financial proposal.That submission will undergo a further review before the project can proceed to tender, leaving the final contractual terms and award outstanding.The initial investment comprises €54m, excluding VAT, to complete construction and approximately €47m for final fit-out, services and commercial spaces.The latter programme, described as ‘Wave 3’, requires further detail in the next set of project documents, including its definitive scope and financial provisions.Across the proposed concession, private commitments amount to approximately €300m in present-value terms, encompassing initial investment and longer-term obligations rather than construction spending alone.Five major maintenance cycles are estimated to cost approximately €70m at constant 2029 prices, with those amounts to be updated when the work falls due.The municipality’s conditions require financial guarantees covering maintenance and preservation, alongside mechanisms to monitor compliance with contractual obligations.Savings during an individual maintenance cycle would remain available for subsequent work and the obligations associated with handing the stadium back at the end of the concession.The proposed financial structure would remove the requirement for an additional fixed concession fee, taking account of the investment and operating risks assumed by the private partner.The municipality would retain scope to benefit if revenues exceed the financial plan’s forecasts, although the detailed sharing arrangements remain to be established in the final agreement.Fiorentina’s business plan includes ticketing and commercial use of the stadium through restaurants, shops and a museum, broadening the income available beyond match admission.Politecnico di Milano assessed the proposal against alternative operating arrangements, including municipal management and private models with different allocations of construction and fit-out costs.The public-interest declaration also includes conditions governing public access, with provision envisaged for approximately 20 days annually for activities promoted by the municipality.Public and private funding contributions would be coordinated with construction progress, while the concession’s duration remains subject to the subsequent approval process.The first phase of redevelopment is scheduled for completion in May 2027, with the municipality aiming to award the second phase of works in summer 2027.Meeting that objective depends on Fiorentina submitting the definitive proposal, completing the next approval stage and progressing through the tender process.