Lyric could have new owners

The Lyric Theatre could have new managers after the Foundation Entertainment Group launched an ambitious bid to gain control of the venue.

The Lyric Theatre could have new managers after the Foundation Entertainment Group launched an ambitious bid to gain control of the venue.

Foundation owns and manages the Capitol Theatre in Sydney, so if it gained control of the Lyric, it would dominate the major musical venue market.

The move would also ensure the Lyric is managed by theatre people with a strong knowledge of the industry and how it operates.

Foundation wants to acquire the venue sooner rather than later, but first must gain approval from the NSW Casino Liquor and Gaming Control Authority.

If the deal goes through, it is likely to be a major win for Sydney, with one management team controlling the city’s two major venues, meaning better negotiation strength with producers.

Producers are also likely to welcome the move.

”It is appropriate that a savvy businessman who loves the theatre should take ownership of the Lyric,” producer Rodney Rigby told The Sydney Morning Herald.

”It will ensure that Sydney has the best possible chance of securing major musicals for years to come. It’s a breathtaking opportunity for all of us.”