Cagliari Calcio Submits Economic and Financial Plan for New Stadium Project.

Roger Hampel

Image: Cagliari Calcio

Cagliari Calcio has formally submitted the Economic and Financial Plan (PEF) for the updated definitive design of its proposed new stadium, marking a key milestone in the approval and concession process for the project.

The PEF, filed with the competent authorities, is a central requirement in Italy’s stadium development framework and is intended to demonstrate the economic sustainability, financial coverage and long-term feasibility of the investment.

Independent Financial Validation and Debt Structure Cagliari Calcio

According to the documentation submitted, the financial plan has been independently certified by UniCredit, which assessed the coherence of the overall financial framework, the adequacy of projected costs and the credibility of expected revenue streams.

The debt structure has been developed in coordination with SFIRS, the financial institution of the Autonomous Region of Sardinia. SFIRS’ involvement focuses on the design of dedicated financial instruments and on maintaining the overall economic and financial balance of the project.

Project Financing Model and Public Contributions

The new stadium is planned for the area of the former Sant’Elia, adjacent to the current Unipol Domus, and is structured as a project financing initiative.

The funding model combines:

• private equity,

• bank debt, and

• institutional contributions.

Public-sector involvement includes support from the Municipality of Cagliari for demolition and remediation works, alongside a €50 million public equilibrium contribution from the Autonomous Region of Sardinia. This contribution is designed to ensure the financial sustainability of the project without transferring full development risk to public authorities.

Next Procedural Steps: Public Interest and Concession Tender

With the submission of the PEF, the project now moves to the City Council, which will be required to issue a formal declaration of public interest. If approved, the Municipality of Cagliari will be able to launch an international public tender to award a 50-year concession for the construction and operation of the stadium.

The concession process would enable the demolition of the existing Sant’Elia and the construction of the new venue. As project proponent, the special-purpose company to be established by Cagliari Calcio and industrial partner Gruppo Costim will retain the statutory right to match any competing bids within 15 days of the tender’s conclusion.

The PEF has been prepared with Monitor Deloitte acting as financial advisor, while legal assistance has been provided by Chiomenti. The architectural and technical design has been developed by Sportium, part of the Progetto CMR Group.