New York City Opera has signed an Asset Purchase Agreement with NYCO Renaissance, Ltd., which remains subject to Bankruptcy Court approval.
"With these assets, NYCO Renaissance, Ltd. intends to bring about the rebirth of New York City Opera under new leadership and return the company to Lincoln Center," a press release states.
Investment manager and former City Opera Board Member Roy G. Niederhoffer, who has made a $1 million+ pledge to the effort, will preside as Chairman of the Board, and former City Opera Board Member Jeffrey Laikind will serve as President of the Board.
"New York City Opera is a cultural treasure," Niederhoffer said in a statement. "We will return this important company to Lincoln Center and present musically and theatrically compelling productions from the popular operatic canon, fascinating and lesser known gems, and the best of contemporary works. We will continue to offer the affordable ticket prices, accessible productions, and diverse opera education programs that for over 70 years have been a critical part of the mission of what Mayor Fiorello H. LaGuardia called 'The People's Opera.'"
Read more about the NYCO here. NYCO Renaissance has already struck a memorandum of agreement with Associated Musicians of Greater New York, Local 802 of the American Federation of Musicians, for a five-year contract for rates and conditions, subject to bankruptcy court approval of the proposal and the ratification of the orchestra membership.