Turin stadium mortgage cancellation plan

Article posted by Coliseum, February 28^th, 2025

Image: Stadio Olimpico Torino, Asgaw, CC BY 4.0

Local authorities in the Italian city of Turin are assessing plans to cancel the long-standing mortgage on the Olympic Grande Torino Stadium, possibly paving the way for renovations.

TorinoCronaca said this mortgage issue has loomed over the club since the early 2000s, burdening its financial operations and hindering investor interest.

If the €38 million mortgage is cancelled, the move could lead to a transformation of the stadium and revitalisation of Torino FC football club.

Mayor Stefano Lo Russo announced plans to formally request the cancellation of the existing mortgage, which originated from accumulated debts.

The request could spark significant changes for Torino FC, especially with the mortgage scheduled to expire on June 30, 2025, the same day the club’s rental contract also concludes.

The city council views the mortgage cancellation as pivotal to facilitating the sale or long-term management of the stadium.

The 27,000 capacity Stadio Olimpico Grande Torino is a multi-purpose stadium located in Turin, Italy. It is the home ground of Serie A club Torino Football Club.

The president of the club, Urbano Cairo, is on the brink of potential ownership, making Torino FC significantly more appealing for future investors. The move could help the club reclaim its legacy and potentially transition back to the top tier of Italian football.

The decision to push for the mortgage’s cancellation stems from the city’s desire to eliminate what has been described as “a burden inherited from past administrations.”

Mayor Lo Russo has consistently expressed the need to transition the Olympic Grande Torino Stadium from public liability to a private asset, thereby positioning Torino FC for future growth.

According to him, the city is working on establishing the area surrounding the stadium as the heart of the club’s future development, conceiving what they call the Cittadella Granata—an ambitious plan to integrate commercial activities alongside the sports facility.

If the Agency of Revenue agrees to the mortgage cancellation, Torino FC could explore various options including engaging public-private partnerships to upgrade the stadium. Investment could also fund large-scale renovations needed to modernize operations and facilities.

Mayor Lo Russo said, “We aim to give Torino football club confidence for the future with the stadium under their name.”

The community also sees the potential economic benefits of attracting more fans and businesses to the area.

Club officials have expressed cautious optimism about the developments. Alberto Barile, the club’s organizational director, acknowledged the city’s plans, remarking, “This could be the first step to making the Torino football more competitive on all levels.

“We take note of what the municipal administration of the city of Turin is doing, with which there is a positive relationship. We will see how the situation develops.”

The focus now shifts to the city’s dealings with the Agency of Revenue, where the outcome hinges on whether the mortgage can be annulled.

Failure to secure cancellation could lead to alternative plans, including short-term lease agreements or even public bids for managing the facility.

But the promise of change and a possible resurgence of the club offers fans hope. Careful management of these plans could result in Torino FC achieving its goal of establishing itself firmly among not just local giants but major clubs across Europe.

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