AC Milan's owners said on Thursday they will build a 70,000-capacity new stadium for the seven-time European champions that will serve as a multi-purpose venue.

Milan and local rivals Inter, who both play at the historic San Siro, which is owned by the local authority, have been exploring options to build their own separate stadiums on the outskirts of the city.

Last week the Milan city authorities said they still wanted to work with both clubs on a possible revamp of the San Siro.

Gerry Cardinale, the founder and managing partner of RedBird Capital, which took control of Milan in 2022 in a 1.2 billion euro ($1.3 billion) deal, said Italy's economic capital was the perfect location for a music and entertainment venue as well as a world class stadium.

"We're going to try to bring an American stadium and live event campus to Milan," Cardinale told the Financial Times' Business of Football Summit in London.

"Of all the cities in Europe, a merger between sports and music and live events for the fans, you would think Milan would be the perfect place for that and that's what we will endeavour to do.

"That should be great not only for Milan that should be good for Italy and Serie A."

Cardinale added he hoped to create a company capable of building many more new stadiums for Italian clubs.

Serie A has become popular with American investors in recent years and many are keen to move away from publicly-owned stadiums to boost the revenue streams of clubs.

Former Milan striker Zlatan Ibrahimovic, who is now working as an operating partner for Cardinale's RedBird, said it was time for a "new beginning" for the club.

"Milan is not the owner of San Siro. You want to have your own stadium and run things your way," said Ibrahimovic.

"Great memories but there is always a new beginning and for me the new stadium will be massive especially for the fans and the players when it will be done."