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 By Ben Gladwell

AC Milan to stay at San Siro after scrapping plans to build new stadium

AC Milan will be remaining at their iconic San Siro home for the foreseeable future.

AC Milan president Silvio Berlusconi has called an end to his club's plans to build a new stadium in the city, saying he is too in love with the San Siro to leave.

Milan were awarded the right to build a new stadium on the former trade fair site in Portello, just a stone's throw away from the club's new headquarters, earlier this summer after a lengthy tender process.

Berlusconi's daughter, Barbara, had led the project and secured financial backing from one of the club's main sponsors Emirates. The plan was for a new arena holding up to 48,000 spectators, to be built in time for the 2018-19 season.

However, a disagreement over the condition in which the area of land would be handed over has led to Milan shelving their plans to redevelop the area.

Instead, they now intend to remain at San Siro, the stadium they share with city rivals Inter Milan and which belongs to the city council.

"It was Barbara's dream and of course she's upset, but she's understood the reasons why we've had to take a step backwards," Berlusconi told reporters at the San Siro after the Rossoneri beat Palermo 3-2 in Saturday.

"I'm in love with the San Siro and now it's about to get even more beautiful. There are lots of changes abound in the main stand and we have to prepare it to stage the next Champions League final.

"I entered the San Siro holding my father's hand and he used to make me look smaller so he would only have to pay for one ticket. San Siro really does have a place in my heart."

Bee Taechaubol, whose purchase of 48 percent of the club is set to go through on Oct. 1, had also expressed his preference to remain at the San Siro rather than move elsewhere.

Inter had been hoping to take ownership of the arena following Milan's move to a new ground, but it now looks like the two clubs remain joint tenants for a the time being.

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