(AP) — AC Milan and Inter Milan passed a major hurdle in owning their own stadium after the city council approved the sale of San Siro to the clubs early Tuesday after a nearly 12-hour overnight debate.

The vote to sell the existing stadium and the surrounding areas was passed 24-20 at about 3 a.m.

The clubs plan to tear down the 99-year-old stadium and jointly build a new 71,500-seat arena.

The San Siro stadium and the surrounding area have been valued at 197 million euros ($233 million), according to Italy’s tax agency.

The sale will have to be finalized before Nov. 10, when the second tier — which was completed 70 years ago on that date — takes on historical significance and would become almost impossible to tear down.

Last week the clubs announced agreements with architectural firms Foster + Partners and Manica to design a new stadium, after the city council issued preliminary approval for the sale.

The new venue will be part of an urban regeneration project covering approximately 281,000 square meters (more than 3 million square feet).

The existing San Siro is slated to host the opening ceremony of the Milan-Cortina Olympics in February.

The idea is to have a new stadium ready for when Italy co-hosts the 2032 European Championship with Turkey.