Statement on finance and site: Terms Sheet received

At the start of the year, we set out a five-year plan by which to complete the reconstruction of the Teatro San Cassiano and to lead to its opening by the close of 2028. As of December 2024, we are happy to report that we remain broadly on target to achieve this objective.

The central focus throughout the year has been to secure the finance and to acquire the site: each interdependent on the other and fundamental within a long and difficult process, naturally, but always critical to effectively guaranteeing the reality of our theatre and its return to Venice. The success of the year has been to bring these two elements to a point where we can secure both objectives; the challenge is now to do so. You will understand why we need to manage this process out of the public eye, but we can at least offer this brief insight:

In terms of finance, we are certainly able to announce that we are well advanced in discussions and negotiations with funders for the total project cost, including receipt of a formal Terms Sheet from one party. You will appreciate, however, that until a deal is signed, we will continue to reach out to all interested parties. Paul is naturally leading these conversations and is expertly guided by his financial and legal advisors. The Comune di Venezia are naturally being kept fully informed.

As regards Palazzo Donà Balbi, there is again a delicate process to be followed, but we are earnest in our expectation that an announcement will follow in the new year. The ideal certainly would have been to close the acquisition this side of Christmas, but we understand the needs of all parties to ensure the correct protocol is followed at every stage. It’s also vitally important to us that Venice and all Venetians know they have a reliable partner in the Teatro San Cassiano who will bring some 300 new jobs and significant sustainable regeneration and investment into our community.

Our aim now is simply to resolve both of these objectives as early as possibile in the new year so that our five-year plan will not be put at risk. For our part, we are absolutely determined that this time next year we shall be reporting on the physical reconstruction of the Teatro San Cassiano.