The repurchase was completed at a price of $5 million, allowing PTC to shed the original $11 million mortgage debt that by June 2014 had triggered TD Bank’s foreclosure on the venue and threatened the organization’s ability to survive.
“Today’s announcement is a testament to what can be accomplished when the community rallies around one of its premier arts organizations,” stated Michael Kaiser, who heads the DeVos Institute for Arts Management at the University of Maryland and has served as a consultant to PTC since last year, when the Suzanne and Ralph Roberts Foundation donated $2.5 million to fund a reorganization of PTC.
“The turnaround of PTC has been ongoing for more than a year, and there is still a lot of work to be done to ensure the organization’s future,” Kaiser added. “But there is no question that the biggest single challenge for PTC was to regain control of the theater that it calls home, and today, thanks to the tremendous support of the local community, PIDC, and with the help of TD Bank, we have successfully repurchased the venue.”
The repurchase is the latest step in the ongoing turnaround of the 41-year-old PTC, which has enjoyed a resurgence in ticket sales and critical acclaim for its expanded artistic and programming options, including the popular new Theatre Masters program of Monday evening interviews with stars of the theatre world.