Portuguese Primeira Liga football club Benfica has announced it will assume control of its Estádio da Luz under an agreement worth €99.27m (£86.5m/$112.6m).
The agreement, which also includes the club’s official television channel, BTV, will be voted on at an extraordinary general meeting scheduled for March 15. The 64,642-seat Estádio da Luz, and BTV, are currently controlled by Sport Lisboa e Benfica – Futebol, SAD, the club’s public limited company.
If approved the transfer of ownership will take effect from July 1. Sport Lisboa e Benfica, SGPS, SA will be the new operator of the stadium, with Benfica stating this will allow the SAD to focus on the sporting side of the club.
Benfica said in a statement: “By carrying out this operation, the company will no longer carry out the activities of management of sports venues and management of a communication channel that it was developing indirectly, thus dedicating itself exclusively to the sporting activity of professional football, which is the reason for its existence.
“It will contribute all its economic and human resources to this activity, with a view to achieving better sports results at national level and in European competitions, that is, more titles for Benfica SAD.”