Web Summit to stay in Lisbon until 2028 as part of new €110m deal

The Web Summit will remain in Lisbon until at least 2028 under a new €110 million deal agreed between the Irish company that runs the event and the Portuguese government.

This follows a tender process involving offers from more than 20 major cities, including Berlin, Paris, London and Madrid.

Founded in Dublin in 2010, the summit had grown rapidly and now lays claim to being one of the largest events of its kind in the world.

The new 10-year deal will see the company paid €11 million annually and includes a major expansion of the existing venue to facilitate the conference’s expected growth.

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As part of the deal, the company has agreed to a €3 billion buyout clause, which it said reflected the economic impact of the summit on Portugal over the 10-year duration of the contract.

Last year the event was attended by more than 60,000 people and the attendance at this year’s event in November is expected to exceed that.

"We're incredibly excited to be staying in Portugal. Without a larger venue this would not be possible," Web Summit founder and chief executive Paddy Cosgrave said.

“Even until a few months ago, we never believed it would be possible. The plans are incredible and we’re very thankful to all those who have worked on them,” he said.