AC Milan plan new stadium with retractable roof

AC Milan's Philippe Mexes (R) reacts with Lazio Stefano Mauri (3rd R) during their Italian Serie A soccer match at the Olympic stadium in Rome January 24, 2015

AC Milan has unveiled tentative plans for a new 48,000-seat stadium with a retractable roof to open for the 2018-19 season.

The club posted a video featuring a model of the two-tier arena to be built next to the club's recently opened headquarters in the Portell-Fiera area of the city.

Costs will be 300 million to 320 million euros ($340 million to $365 million).

Milan currently shares the city-run 80,000-seat San Siro Stadium with rival Inter Milan.

The new stadium will be run by Milan, and it will be surrounded by a hotel, parking areas, and restaurants.

Architect Emilio Faroldi says the stadium plan was inspired by Arsenal's Emirates Stadium in London, plus arenas in Basel and Neuchatel, Switzerland, and Bilbao, Spain.

Final approval is expected in March.