Instigated by philanthropist Suzanne Roberts, the plan calls for arts consultant Michael M. Kaiser, departing president of Washington's Kennedy Center, to develop a new business plan. Kaiser had previously provided an analysis at the request of the Roberts family; they are now requesting a more detailed one.
The Robertses already are the company's biggest private donors. Philly.com reports they had previously offered Philadelphia Theatre Company (PTC) a $5 million grant contingent on certain conditions, which they said PTC failed to meet.
Under the plan, Suzanne Roberts would grant, along with her husband, Ralph, $2.5 million in new money to the company. The donations are dependent on certain conditions being met.
"We think it is very important that they get a chance for the future. When our foundation was asked to help Philadelphia Theatre Company, we wanted to make sure that there would be a plan to reorganize the company operations and get back on solid ground financially. That was the only way Ralph and I could agree," Roberts told Philly.com.
As previously reported, the company's 365-seat Suzanne Roberts Theatre is in foreclosure and continues to be marketed for sale by TD Bank. Its asking price is $7.5 million.
Philly.com reports that PTC has struggled to meet payroll and has outstanding loans to board members totaling $684,000 and accounts payable totaling $825,000.
PTC is about to open its 40th season.
Visit philadelphiatheatrecompany.org for more information.