What it costs to build a new football stadium

Wembley, Camp Nou, Bernabéu, Maracaña. Just a few of the world’s most iconic football grounds. With capacities between 78,000 and 105,000, each of them has staged some of the sport’s biggest matches. However, not without major investments over the years. Opened in March 2007, Wembley reportedly cost £975 million¹ to construct. While Camp Nou (1957) and Bernabéu (1947) first opened over half a century ago, the cost of recent renovations and expansions amount to around €900 million and €1.76 billion respectively. Maracaña was thoroughly renovated for the 2014 World Cup for a reported cost of £300 million.

Stadium investments, whether for the construction of a brand new one or for major renovations, come with risks. It is not uncommon for such projects to be accompanied by numerous problems, such as exceeding the budget, disputes, and delays. An example being Nou Mestella. Construction on Valencia’s new home ground started in 2007 but is yet to be completed after countless financial and regulatory obstacles.

Despite the challenges, most stadium projects are eventually completed. But how much does it really cost to build a new football stadium? And when is a new stadium a success?

Long term benefits outweighing the cost

As every project has its own requirements, needs and strategy, there is no one measure of success when it comes to building a new stadium. In the long run the benefits must outweigh the cost. Which has frequently been a problem, especially for stadiums constructed for major events.

Hosting the World Cup or European Championships is “often a catalyst for infrastructure development, with stadiums needing to be built or upgraded in order to meet tournament requirements”.² For the World Cup, FIFA prefers host nations to have 12 venues with a minimum capacity of 40,000. In the past, this often resulted in the construction of new stadiums. Organisers of the 2002 World Cup in Japan and South Korea reportedly spent between $6.5 billion and $7 billion³ on construction and infrastructure. Including 20 venues, many of them new.

After the event, both countries were left with money losing venues. For example, Japan’s 63,700-seat stadium in Saitama cost around $667 million to build. Post-tournament, a local professional football club used the venue with average attendance being one-third of the stadium’s capacity. The revenue generated amounted to only 40 percent of the stadium’s $6 million annual maintenance expenses.

The legacy of the 2010 World Cup in South Africa also included stadiums with high maintenance cost with little revenue to offset it. Like the 54,000-capacity Cape Town Stadium which reportedly cost £2.4 million annually to maintain. These are long term cost of building a new venue, that come on top of initial expenses. The cost of constructing six new stadiums and renovating four others amounted to $1.7 billion³, double what the South African organisers had budgeted.

Stadiums with a post-event purpose

The 1998 World Cup in France had relative low cost due to the opportunity to use a lot of existing venues. Only the 80,000-capacity Stade de France was constructed for the event with a reported cost of €364 million. After hosting many major French sporting events over the years, it will now serve as the Olympic Stadium during the 2024 Summer Olympics and Paralympics.

Almost all ten stadiums for the 2004 European Championships in Portugal were built from scratch or significantly redeveloped or expanded. With the majority having a clear post-event purpose, including becoming the new home of several of the nation’s biggest clubs. Although 20 years old by now, the Big Three of Portugal (Benfica, Sporting, and Porto) ended up with stadiums with a capacity of over 50,000 conforming to UEFA requirements. The 64,642-capacity Estádio da Luz (Benfica) cost €162 million. While Estádio José Alvalade and Estádio do Dragão, each with a capacity just above 50,000, cost respectively €105 million and €125 million to construct.

The lower capacity stadiums cost less as well. With Estádio Municipal de Braga’s costing the most with €108.1 million, caused by the stadium’s south end being carved into a hill. Boavista’s Estádio do Bessa was relatively cheap to redevelop with reported cost of €31 million. Partly caused by the stadium standing on the club’s former ground and having a capacity of just 28,263 with the stands replaced one by one.

Qatar’s temporary stadiums and seating

For the 2022 World Cup in Qatar, organisers planned to spend around $3 billion⁴ on three stadium renovations and nine new stadiums. Eventually, the tournament had only eight stadiums, which included temporary stadiums and seating. The largest stadium was Lusail Stadium. With a capacity of around 80,000 its reported cost was $767 million.

Al Thumama Stadium and Al Janoub Stadium both had a capacity of around 40,000. Constructed for $342.5 million and €587 million respectively, the organisers planned on halving the capacity to 20,000 post World Cup. The removed seats would be donated to help promote football and stadiums in developing countries.

Stadium 974 became the first temporary World Cup stadium. Made of 974 shipping containers, there have been multiple post-event plans. At first, the containers would be used to construct 22 modular stadiums in developing countries.⁴ At one point, it was expected to be reassembled in an African country. While the temporary stadium could also have gone to Uruguay, had the country been successful in their bid to host the 2030 FIFA World Cup (together with Argentina, Chile, and Paraguay).

Clubs with an event-stadium

Temporary stadiums that can be relocated to a location in need of a new stadium, is a great strategy to prevent white elephants and be more sustainable. Furthermore, it can make the construction of a new venue more attractive. Which in turn makes it more appealing to hold these major events in smaller nations with fewer stadiums.

To have a post-event purpose is essential in whether such new venues can be classified as successful. Of the 96 teams playing in the 2023/24 Big Five leagues, three play their home matches at a stadium opened post-2000 that was originally constructed for a major event.

Post-2000 stadiums originally built for a major event

Conversions not ideal?

These include two Premier League and one La Liga stadium. Manchester City’s Etihad Stadium was built to host the 2002 Commonwealth Games at a cost of £110 million (paid for by lottery and public money). It was then converted from an athletics arena into a 48,000-capacity football stadium for City with the track reused at other arenas around the country.

Manchester City Council paid £22 million of the conversion cost while the club paid £20 million. The stadium is owned by the Council and as part of the lease City is responsible for all repairing cost. Initially, City paid a proportion of ticket income above (their old ground) Maine Road’s 32,000 capacity. This generated around £2 million annually for the Council between 2003 and 2011. The terms were then renegotiated to around £4 million a year, with City receiving the stadium naming rights. Something the club desired, to seal an estimated £350 million 10-year deal with Etihad Airways.

In March 2023, City announced £300 million plans to, amongst others, increase stadium capacity to over 60,00 and create a covered City Square fan zone (with a capacity of 3,000).

West Ham’s stadium was built for the 2012 Olympic Games. The London Stadium cost around £429 million, while converting it into a football stadium cost an additional £323 million. £133 million above an original estimate. In March 2013, West Ham were confirmed to have agreed a 99-year concession starting in 2016. At the same time, UK Athletics agreed a 50-year concession. The Hammers paid £15 million towards the conversions and a basic rent of £2.5 million per year.

However, the 62,500-capacity stadium’s current usage is not without controversy. In January 2021, a report noted how the London Stadium, owned by E20, is costing Londoners more than £8 million per year to run. Would West Ham be relegated to the Championship, an extra £1.5 million could be added. Rent increased to £3.6 million in 2022 and the club is open to buying the venue, but for now the stadium is an unsuccessful story for taxpayers.

The third post-2000 stadium originally built for a major event is UD Almería’s home ground. The Power Horse Stadium opened in 2004 and was constructed at a cost of €21 million for the 2005 Mediterranean Games in Almería. With an initial capacity of 22,000, modifications reduced capacity to 15,200 in 2013. Currently, the stadium is being renovated for around €15 million.

Unique situations

On the site of Atlético Madrid’s Metropolitano there used to be a stadium built for the 1997 World Athletics Championships. The Community of Madrid opened Estadio La Peineta in 1994 before closing it 10 years later after missing out on the 2016 Olympics.

After years of delays, Atléti played its first match in the new €310 million Metropolitano in 2017. The club reportedly paid the local government €30.4 million plus interest for the venue. In addition, they agreed to be responsible for the construction of motorway exits costing close to €30 million.

Another unique case is Red Bull Leipzig’s stadium. The club did not yet exist when the stadium, that now bears the Red Bull name, was constructed right after the turn of the century. The stadium (original capacity: 44,345) opened in 2004 and was one of the venues used during the 2006 World Cup. However, the venue was losing money. When stadium owner, Michael Kölmel, failed in selling the venue, he tried to attract partners to invest in local football.

It eventually led to the creation of football club Red Bull Leipzig in 2009. The club started out in the fifth tier of German football and has since become a European regular. With cup titles in 2022 and 2023 and a semi-final place in the 2019/20 Champions League and 2021/22 Europa League. In 2017, the club acquired the stadium in a deal reportedly worth €70 million.

Stadiums across the Big Five leagues

According to UEFA, at least six new stadium projects were completed each year between 2013 and 2023.² Including a record 13 new builds in both 2014 and 2017. In 2023, seven new stadium projects were concluded. Amongst them Stadion NK Osijek in Croatia (capacity: 13,000, cost: €65 million) and Gradski Stadion Lagator and Stadion Dubocica in Serbia (capacity: 8,000).

There are of course differences between the Big Five leagues when it comes to how new their stadiums are. Of the 96 clubs playing in the 2023/24 Big Five leagues, 14 of them play at stadiums opened since 2010. This is 14.6 percent, which rises to 26 percent for stadiums opened since 2000.

Half of the 18 2023/24 Bundesliga clubs started playing in a new stadium since 2000. With Freiburg the latest club to move to a new stadium. The 34,700-capacity Europa-Park Stadion opened in 2021 and cost €76.5 million to construct. A further €50 million was spent on infrastructure.

Of the four Spanish sides with a post-2000 stadium, Athletic Bilbao (2013) and Atlético Madrid (2017) have the newest stadiums. While Olympique Lyon has the newest stadium amongst Ligue 1 sides, with the Groupama Stadium opening in 2016 as part of a €600 million project.

The Serie A has the fewest (two) post-2000 stadiums amongst 2023/24 Big Five clubs. Juventus started playing at the €155 million Allianz Stadium (initial capacity: 41,147) in 2011, while Cagliari’s ground Unipol Domus (capacity: 16,416) opened in 2017.

Percentage of 2023/24 clubs playing in stadiums opened since 2000

Six post-2000 Premier League stadiums

From the 2023/24 Premier League clubs, six teams (30 percent) play their matches at a stadium opened after 2000. This includes Manchester City and West Ham United, who both moved to a stadium originally built for a major event and subsequently adjusted for football.

The four other post-2000 stadiums were built by and for the clubs themselves. Including Arsenal’s Emirates Stadium (opened in 2006), Brighton’s AMEX stadium (2011), Spurs’ Tottenham Hotspur Stadium (2019), and Brentford’s Gtech Community Stadium (2020).

Post-2000 Premier League stadiums built for the club

Brentford’s Gtech Community Stadium and Brighton’s Amex Stadium cost the least to construct with around £41 million per 10,000 seats (original capacity). However, this does not account for inflation, upgrades, or the many other stadium features (e.g. hospitality suites and other in-venue facilities).

Brentford deliberately chose a smaller capacity and simplified design

Brentford’s move to their new £71 million venue in 2020 was a long time in the making. Ultimately, owner Matthew Benham chose to simplify original stadium plans to reduce the risk to the club and push it towards a sustainable future. Lower cost, less risks but at the expense of a limited capacity (17,250) and no club shop or pub within the stadium. At the time of opening, the club played in the Championship. In their first season at their new ground, they secured promotion (through the play-offs) to the Premier League (their first time).

Although the stadium meets Premier League requirements, there is little room to grow (capacity) at the current site. At the time, Benham observed that when reaching the Premier League, revenue from ticket sales would only be a fraction of total revenue. The club’s turnover increased significantly in their first Premier League season due to the league’s central distributions and growth in commercial and matchday revenue.

The £15.3 million generated in 2021 (note: COVID-19 affected) was only 11 percent of the £140.9 million generated during their first top-flight season. The choice to simplify design has not affected the matchday experience though. As the club ranked highest for matchday fan experience in the Premier League in 2023 for a second consecutive year.

Amex stadium

For Brighton, the new stadium was a long time in the making as well. In 1997, the club’s former board sold their 95-year home, the Goldstone Ground. The Seagulls became tenants of two different stadiums for around 15 years.

Despite the first proposal being made over a decade earlier, the AMEX Stadium (current capacity: 31,876) only opened in 2011. Total cost reportedly amounted to £93 million with owner Tony Bloom providing around £100 million for the new stadium.

Arsenal’s Emirates Stadium

In 2006, Arsenal moved to the Emirates Stadium. The 60,704-capacity stadium replaced Highbury, which had a capacity of 38,419. Their home for 93 years, the club initially wanted to redevelop the stadium, but local council rejected their plans. Relocation plans began in 2002, but it was not until 2004 that work began. Delays contributed to the reported construction cost of £390 million⁵.

Arsenal financed the project through private funding, bank loans, and sponsorship deals. The sale of 362 apartments at Highbury Square and the social housing at Queensland Road (development of the old Highbury site) generated revenue of £156.9 million. While their stadium naming rights deal with Emirates reportedly generated £3 million annually at the time.

In the years following the move, the Gunners were limited in spending on wages and transfer sums. It took time for the club and its fans to get used to the Emirates. With former manager Arsène Wenger once saying they left their soul at Highbury, a location where they celebrated many successes. During the five years prior to relocating, they had only eight league losses at home, including zero losses during their 2003/04 invincible season. In the five seasons following the move, they gathered on average 2.8 home points less per season.

Spurs’ multi-purpose venue

London rivals Tottenham Hotspur moved into their new 62,850-capacity stadium in April 2019. The Tottenham Hotspur Stadium cost £1 billion to construct, despite initial budgets estimating cost of £400 million. ⁵ Built as a multi-purpose stadium, the venue hosts NFL fixtures, concerts, and business events in addition to Spurs’ home matches. In 2021, it received the prestigious Royal Institute of British Architects (RIBA) National Award, while it was named Best Venue by Mondo Stadia at the 2023 World Football Summit.

With a capacity 73 percent higher than at White Hart Lane (36,284) the club generates more matchday revenue. In 2015/16 and 2016/17, Spurs generated €55 million and €57 million in matchday revenue.⁶ This increased significantly (2017/18: €85 million and 2018/19: €93 million) during their temporary stay at Wembley while their stadium was being constructed.

Their first season at the new stadium (2019/20) was impacted by COVID-19, but they still generated €108 million in matchday revenue. In 2021/22 and 2022/23, matchday revenue increased to €125 million and €135 million⁷ respectively, while average league attendance was 56,523 and 61,585.

The increase in matchday revenue also gave them a better competitive advantage (financially) compared to the other Premier League Top Six. In 2015/16 and 2016/17 they had the lowest matchday revenue, while in 2021/22 and 2022/23 they only came second to Manchester United.

High-capacity stadiums built post-2000

Of the 15 highest capacity stadiums built since 2000, five are used (amongst others) by the country’s national team. With Wembley Stadium the largest and best example as it is owned by the English FA. Three more of the 15 highest capacity football stadiums built since 2000 have been constructed in London (London Stadium, Tottenham Hotspur Stadium, and the Emirates).

As it now stands, Wembley is a magnificent stadium including elements reminiscing of the old Wembley and a striking 133-meter tall arch. But complex features like that often result in time delays and increasing cost. Which was also the case with Wembley. Construction started in 2002, but it was not until March 2007 that the venue was officially opened. The FA agreed a fixed price of £458 million¹ with Australian construction company Multiplex. But when disputes almost led to a court battle, the parties renegotiated that the FA would pay an extra £70 million to Multiplex. Eventually, Wembley’s construction cost amounted to £975 million. Which included a £148 million loss for the constructor.

The second largest European football stadium built post-2000 is the Atatürk Olympic Stadium in Istanbul, Turkey. Built in 2002, it has a capacity of 77,563 and reportedly cost 130 million Turkish Lira. Currently, the Turkish national team and Fatih Karagümrük play their matches at the venue.

Allianz Arena’s success story

The third largest post-2000 stadium is the Allianz Arena (capacity of 75,024) in Munich, Germany. Opened in 2005 after less than three years of construction work costing €340 million, the stadium can be considered a success story. The club had a 25-year financing plan to pay back loans amounting to €346 million by 2030. However, in 2014, former Bayern CEO Karl-Heinz Rummenigge announced the club had paid off their stadium loans 16 years ahead of time.

The 67,155-capacity Puskás Arena, ranked sixth, opened in Budapest, Hungary in 2019. The stadium features a concrete mosaic on the outside with the Hungarian government financing the €567 million venue. Despite opposition criticising the cost, State Secretary Balázs Orbán noted it compares to similar sized stadiums like Baku National Stadium (€637 million in 2015) and Emirates Stadium (2006).

Investments do not stop at opening a new stadium

Investing in stadium and facility infrastructure is an ongoing process though. While new stadiums are major investments, renovations and maintenance is required to stay up to date with regards to safety and capacity.

In the 2023/24 Premier League alone, there are numerous clubs who are considering or currently carrying out major renovations (e.g. Fulham, Aston Villa, Crystal Palace, and Manchester City) in addition to those who have plans to construct a brand-new venue (e.g. Everton and Manchester United). Premier League clubs’ total expenditure on stadiums and other facilities was heavily influenced by Tottenham’s new stadium in recent years.

In 2018/19, clubs spent a combined £636 million⁸. This decreased to £254 million when Spurs moved into their new home. During the 2020/21 season, the Premier League clubs still spent £236 million⁹. This included expenditure of £59.85 million (25 percent) by Fulham for the Riverside Stand development (started in 2019).

Even with the best of planning, a new stadium is a financial risk due to the many regulations and challenges that may be encountered. Often, overall cost far exceeds budgeted expenses. Yet, it is not impossible, as beautiful, modern football stadiums around Europe proof.