Benfica in talks with JPMorgan to finance Lisbon stadium revamp

Portuguese football club Benfica is in discussions with several banks, including JPMorgan Chase & Co., about raising funds to renovate its Lisbon stadium and develop the surrounding area, according to Bloomberg sources.

The talks are in the early stages and may not result in a formal mandate, the sources said. Representatives of Benfica and JPMorgan declined to comment.

Benfica plans to expand Estádio da Luz from around 68,000 to 80,000 seats and build the Benfica District, a mixed-use entertainment and commercial hub around the stadium. According to club CFO Nuno Catarino, the stadium renovation will cost approximately €75 million, with another €220 million allocated to develop the surrounding area.

JPMorgan has previously worked with other Portuguese clubs, including Sporting CP and FC Porto, helping them raise funds through private bond placements.

The project reflects a broader trend among European clubs, such as Tottenham Hotspur and Real Madrid, which are turning their stadiums into multi-purpose venues to boost revenue beyond matchdays. Birmingham City FC is also planning a similar development by 2030.

Newly re-elected Benfica president Rui Costa has said the investment will allow the club to diversify income through commercial, entertainment, and hospitality ventures. Shareholders approved the Benfica District project earlier this year.