Lib Dem councillors have got Portsmouth City Council to buy the building, meaning that it will be a community asset for generations to come.
Fantastic news for theatre goers this week, as Portsmouth's New Theatre Royal's future is secured for future generations!
Council Leader Gerald Vernon-Jackson says, "The council has bought the 650-seat cultural venue for £700,000 from the New Theatre Royal Trust, which operates theatre, and it will now be rented back to the Trust.
"The money from the purchase provides the Trust with an opportunity to get back on a more sound financial footing and allows it time to develop its range of performances and events, including a renewed focus on delivering community events."
It comes at a time when the New Theatre Royal Trust is facing financial difficulties due to the Coronavirus pandemic. New Theatre Royal has been forced to cancel or postpone all scheduled performances since its closure in March 2020.
The 160 year old grade-two listed building, designed by celebrated architects Frank Matcham and Charles Phipps, is a key heritage asset in the city centre.
The council owning a cultural venue and leasing it to an operator is a model that can bring economic and social benefits, and is already working successfully in the city for the Kings Theatre and the Portsmouth Guildhall, after action by Portsmouth's Lib Dem councillors.