A campaign is under way to save the Regal Theatre in Clonmel, which has been put on the market, having served the town for more than 70 years.
A committee, formed at a public meeting last week, is to seek the support of Tipperary County Council to buy the theatre and keep it open as a venue for the performing arts.
Its owner, Mr Larry O'Keeffe, has said if he is unable to sell or lease the theatre as a going concern it will be put on the market in mid-March. It is likely it would then be converted into offices or apartments.
However, the mayor of Clonmel, Mr Brian O'Donnell, who organised last week's public meeting, says he is optimistic the theatre, which has a rich and varied history, will be saved. The ballroom in the Clonmel Arms Hotel was full for the meeting and Mr O'Donnell said he was impressed by the number of local people not directly involved in the arts who had turned up to express concern.
The committee is chaired by business management consultant Mr Pat Fleming and includes some members of a group who were involved in discussions about the theatre's future with the county council last year.
A feasibility study was done at the time which meant the new committee was not "as far behind as it might have been" in its efforts to keep the theatre running, said Mr O'Donnell. "To lose a theatre of this quality, with 850 seats, would be a disaster and we must do all in our power to try to save it."
Committee members will attend next Monday's council meeting and hope to be allowed to make a presentation. Arrangements for this were being put in place yesterday.
Mr Jim Myers, former artistic director of the venue and committee treasurer, said the intention was to form a non-profit company to manage the theatre. It would seek the council's support to buy it but would also have to raise funds from the private sector.
The building was valued at £900,000 as part of the feasibility study, but Mr O'Keeffe is understood to believe it could fetch more than £1 million if it is sold for development.
Mr Phelim Donlon, the Arts Council's director of auditoriums, attended the public meeting and was encouraged by the response of local people. He told the meeting it was regrettable Clonmel was in danger of losing its theatre when so many other towns were attempting to raise funds to open one.
