A report in Portugal's Observador newspaper suggests that Turismo de Lisboa, Portugal Tourism and the AICEP have stumped up €1.3 million to cover the "event logistics and infrastructure" of the Web Summit moving to Lisbon, with an expected return of around €175 million.
The country's Deputy Prime Minister, Paulo Portas, and the Secretary of State for Economics, Leonardo Mathias, have personally overseen the successful attempt to bring the Web Summit to the MEO Arena and International Fair of Lisbon. The paper suggests that Lisbon fended off competition from Amsterdam to be the new staging post.
A recently set up 'Bring The Web Summit To Lisbon in 2016' group has attracted 5,000 online members who'll doubtless be celebrating tonight.