Some of the biggest attendances include a game against FC Porto with an estimated attendance between 135,000 and 140,000 people, the 1989–90 European Cup semi-final against Olympique de Marseille and the 1991 FIFA World Youth Championship final between Portugal and Brazil with 127,000 people in each game.

[3][4] After a long process of negotiation with the municipality of Lisbon, it was finally established, on 17 May 1946, that the club would leave the rented stadium and move back to the Benfica neighbourhood.

[5] An adequate terrain, with good accessibility and enough room for future expansion was identified, in the north-east end of the Benfica neighbourhood.

Less than two years after, and at a cost of 12,037,683 escudos, on 1 December 1954 (a national holiday), the 40,000 capacity-crowd filled the stadium for the inaugural match against rivals FC Porto.

After the difficult period experienced in the 1990s, both in results and in finances, the club had to ponder how to cope with the successful bid the Portuguese Football Federation made to host the UEFA Euro 2004.

The approved proposal stated: "The Direction has decided to present to the associates the construction of a new stadium, fully conscious that this is the option that best responds to the earnings and needs of our Club, being both economically and financially sustainable, and will allow the associates of SL Benfica much better condition in which to follow the club's sporting events, in particular the football team's, and also revive our supporter base."

The team played at a partially demolished old stadium for a final season, with the then-reduced capacity-crowd of about 50,000 witnessing the last match of the old "Luz", on 22 March 2003.

This was a round-26th championship match, against Santa Clara, won by Benfica with a lone penalty conversion by Simão Sabrosa.