AC Milan CEO Barbara Berlusconi has announced the club are kick starting their new stadium plans after receiving the approval.

AC Milan have been given the approval to begin plans for a new stadium that could be ready for the 2018-19 Italian Serie A season.

The Fondazione Fiera in the city has given the all-clear to allow AC Milan to take over the Portello area of the city, where they plan to construct a new stadium for the club.

The joint-CEO of AC Milan, Barbara Berlusconi, welcomed the news was excited the financial benefits the move would bring in for the club, which she believes could total an income of between a 50 million and a 80m every year.

“This is the first historic step to make Milan like London,” Berlusconi said to reporters.

“Today, with the decision of the Fondazione Fiera, we can officially begin the journey towards our new stadium. It is the first step, as we still need to present the entire project to the institutions for approval.”

“This is still an historic day. Ours is foremost a cultural challenge. It is for Milan that we are proposing an urban stadium, to favour the development of the area that will play host to us, to make it more secure and a symbol for the city, to completely change the mentality of those who come to the stadium by providing services and entertainment that go beyond the 90 minutes of the game.”

“At the same time, we will work to discourage private transport and favour public transport. Milan, as such, will be like London.”

“In fact, London also has urban stadiums that are reached via the underground system and have allowed the areas where they were constructed to be improved.”

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“It’s also indispensable for developing the commercial power of the club. The stadium will bring from a 50m to a 80m per year. These are resources that can also be used to buy new players.”

It is believed that the stadium will have a capacity of 48,000 and could be ready for the 2018-19 season.