It was the year 1992 and Freddie Mercury was singing about it for the last 4 years (> YouTube). Barcelona was ready to host the Summer Olympic Games.
The original stadium was designed by architect Pere Domènech i Roura and was constructed for the 1936 Olympic Games. In the end the Games were held in Berlin, Germany instead.
Barcelona got a second chance when it won the bid to host the Games of 1992. The building was totally remodeled with the exception of the original facade.
The 5th Athletics World Cup (1989) was its reopening. And it has been a place for big sport en music events ever since (it can hold up to 60,000 people) especially after the Summer Olympic Games of 1992.
Now the stadium is named “Estadi Olímpic de Montjuïc Lluís Companys” after a former president of the Catalonian Government.