BUSINESSMAN AND property developer Harry Crosbie, co-owner of the O2 venue, is seeking a sponsor to buy the naming rights for his 2,000-seat theatre on Grand Canal Square in Dublin that will open next year.
Mr Crosbie said he had been in discussions with six companies about buying the naming rights to the €85 million theatre, which will open in March 2010.
He sold the rights to the O2 arena, which opened in December, to the telecoms giant in a 10-year deal worth a reported €25 million.
Mr Crosbie, who co-owns the O2 venue with promoter Live Nation, said the theatre will be managed by that company and run by the company’s Irish managing director Mike Adamson, who manages the O2 on the opposite side of the river Liffey from the theatre.
Live Nation and Mr Crosbie share joint ownership of the O2, while Mr Crosbie is the sole owner of the Grand Canal Theatre.
The theatre, designed by New York-based architect Daniel Libeskind, would host national and international companies from the world of theatre, opera, ballet, classical music and musical theatre.
Mr Crosbie said the “lyric theatre” would be a “receiving house” in that it would not create productions but would rely on outside companies for performances.
He said the theatre would host seasons of ballet, opera and theatre every year, as well as one major musical production running for between eight and 12 weeks.
The theatre, which is being built by building firm Sisk in the south Dublin docklands, will be funded from ticket sales and the sale of the naming rights, said Mr Crosbie, and would not seek financial assistance from the State.
“It is hugely significant in cultural terms. People will have a whole new choice of cultural events that are not currently available in Ireland,” said Mr Crosbie.
“Most standard theatres around the world have a seating capacity of 2,000. This will mean we can afford to be commercially viable and don’t need grant assistance.”
Mr Crosbie said he believed the theatre would still be financially viable despite being developed in challenging economic times.
He said audiences were still being drawn to live entertainment.
“It is not easy. These are very difficult and dangerous times. All we can do is hold our nerve,” he said.
Mr Crosbie settled his legal dispute with Dunnes Stores on Thursday over its alleged failure to complete an agreement to become the anchor tenant at the businessman’s €850 million Point Village project, in the north docklands.
