Benfica is preparing for one of the largest infrastructure projects in its history. Alongside financial talks and plans to modernise Estádio da Luz, a vision is emerging of a new stadium district that is expected to reshape the club and its surroundings for years to come.

Loan for the expansion of Estádio da Luz and Benfica District

Benfica is holding preliminary talks with several financial institutions, among which the American company JPMorgan Chase plays a key role. The aim is to secure capital for the modernisation of Estádio da Luz and the parallel redevelopment of the stadium’s surroundings as part of the Benfica District project, whose total cost is estimated at around €295–300 million (€75 million for the stadium expansion and approximately €220 million for the commercial and urban component). The discussions are currently at a market-sounding stage and there is no guarantee they will result in a signed agreement, while neither the club nor JPMorgan have officially commented on the talks.

The planned works at Estádio da Luz include increasing capacity from the current approximately 68,100 seats to 80,000 spectators, while also giving the venue a more modern visual identity, including a new LED-lit façade and the expansion of commercial facilities inside the stadium. At the same time, Benfica is already carrying out a phased capacity increase — after adding new rows of seats in 2024 and 2025, capacity first rose to around 66,000 and then to 68,100 seats, with the aim of reaching 70,000 in the coming years, before the project ultimately brings the stadium to 80,000 seats for, among other events, the 2030 FIFA World Cup, which Portugal will co-host.

© Populous | SL Benfica plans to expand the Estádio da Luz to 80,000 seats as part of a long-term modernisation of the club's infrastructure.

Benfica District – a strategic investment for the 2030 World Cup

Benfica District is a large-scale project to transform the areas on the eastern side of Estádio da Luz into a modern sports and entertainment district, including, among others, a large indoor arena for 10,000 spectators, two smaller halls (for approximately 2,500 and 1,500 people), a swimming pool, a theatre and event hall, a hotel, residential and commercial developments, a new club museum and megastore, as well as a large public square inspired by Lisbon’s traditional plazas, intended to become the main public space around the stadium. The project was prepared by Populous in cooperation with the Portuguese firm Saraiva + Associados, and its concept is to transform the stadium and its surroundings into a year-round centre of sporting, cultural and commercial activity of national significance.

The cost of the Benfica District investment alone is estimated at around €220 million, and the club plans to use a project finance model, under which the developed commercial and event infrastructure (including the new arenas, hotel, retail and office space) will generate revenues allowing the project to be repaid over approximately 15 years.

According to Benfica’s CFO, Nuno Catarino, the gross revenue potential of around €37 million per year is expected to translate into roughly €24 million in annual operating result after direct costs, which should be sufficient to service the investment debt, while maintaining the club’s ability to invest in the first team and sporting sections. The project was approved by shareholders and club members in January 2026, receiving around 59.24% of votes in favour with turnout close to 30,000 eligible voters, and Benfica plans to complete the main works before the 2030 World Cup.

© Populous | Benfica District is set to transform the stadium area into a new sports and commercial district designed by Populous ahead of the 2030 World Cup.

Television rights with NOS and the plan to reach €500 million in revenue

Alongside the loan discussions, Benfica is also negotiating with broadcaster NOS over a new television rights agreement for the final two seasons before centralisation of broadcasting rights in Portugal — the 2026/27 and 2027/28 campaigns. Both parties confirmed in statements to CMVM (Portuguese Securities Market Commission) that they are negotiating a contract estimated at over €100 million for the two seasons, meaning more than €50 million per year, while Portuguese media report a figure in the range of €114–115 million for the full term.

The new deal would continue the cooperation that began in the 2016/17 season, when Benfica and NOS signed a 10-year contract worth approximately €400 million, covering domestic league home matches, distribution of Benfica TV and advertising exposure.

From Benfica’s financial strategy perspective, television rights are one of the pillars of the plan led by Rui Costa and Nuno Catarino, which aims to increase consolidated revenues to €500 million per year and reduce debt by approximately €100 million over a five-year horizon.

However, the club does not intend to repeat the previous practice of mortgaging future TV revenues — the CFO has clearly stated that the new contract will not be used for upfront debt repayment, and the goal is a deliberately boring debt structure, stably serviced from ongoing cash flows. Combined with the planned project finance funding for Benfica District and a potential investment loan involving JPMorgan, the new NOS agreement is expected to strengthen the club’s revenue profile in the key period before 2028/29, when the centralisation of television rights in Portuguese football comes into force.