Lisbon to pay compensation if Web Summit venue is not expanded by October
Público has revealed a set of conditions to which Lisbon Council must adhere if is to keep the hugely successful annual Web Summit.
The City Council will have to pay compensation to the Web Summit company if the Lisbon International Fair (FIL), in the Parque das Nações, is not expanded by 13,000 m2 by October this year.
The revelation has been published in today’s Público whose journalists have gained access to the agreement between the local authority and the company that promotes the technology fair.
According to the newspaper, the text of the agreement does not mention a compensation value ??nor has the Council clarified how much it will habve to pay if it fails to expand the venue.
FIL currently has 41,000m2 and the agreement is to have a total of 110,000 m2.
This deal was signed between the State, the Lisbon City Council, Turismo de Portugal, the Lisbon Tourism Association, AICEP, IAPMEI and the Web Summit’s controlling company, Connected Intelligence Ltd, led by Paddy Cosgrave, with a view to continuing the Web Summit in Lisbon until 2028.
In addition, the contract includes a clause that the prime minister must go to the Web Summit each year.