As reported by Italian daily newspaper la Repubblica, the €20 million (£17 million/$24 million) agreement has been reached with Evd Milan, a firm which falls under the group’s umbrella.

The agreement is set to be paid in three instalments, including an initial €2 million (£1.7 million/$2.4 million).

The Arena Santa Giulia is set to host ice hockey matches at Milan-Cortina 2026, and is planned to host other sports and entertainment events after the conclusion of the Games.

Evd Milan will acquire an area that covers around 50,000 square metres of reclaimed and urbanised to build and then manage the new arena.

The wider Milano Santa Giulia urban redevelopment project is seeking to create a sustainable new district in the south-east of Milan.

Davide Albertini Petroni, the chief executive of Risanamento SpA’s Milano Santa Giulia project, explained the significance of the new partnership.

"The signing of the agreements between the Risanamento Group and the Eventim Group, one of the most important operators in the field of live entertainment, is a source of great satisfaction," he said.

"The company once again proves that it has been able to channel the interest of another major international operator towards the development of a strategic real estate asset not only for Milan, but also for the whole country, in a moment of particular and sensitive relaunch of the local economy."

Fabrizio Zichichi, the project director of Milano Santa Giulia for development partner Lendlease, added: "The signing of the contract with the Eventim Group represents an extraordinary opportunity for the entire area to relaunch and establish itself as the main destination for retail, sport, leisure and entertainment of the new generation at an international level, in view of the 2026 Milan-Cortina Winter Olympics."

The Winter Olympics in 2026 are due to be held in Milan and Cortina d'Ampezzo in northern Italy from February 6 to 22, with the Winter Paralympics following from March 6 to 15.