Vilar pledged Ô£10 million toward the renovation of the space, but has paid only Ô£3 million, and has made no payments since December 2000.
If Vilar does not make additional payments, the company said, his contract will be canceled and he will be "absolved of his liability to make his outstanding payments." A spokesperson told the paper that the ROH would not consider removing Vilar's name from the hall until the 60 days have passed.
Once one of the world's leading opera patrons, Vilar has failed to make good on a series of pledges since his high-tech stock holdings collapsed. Recently, he was arrested on fraud charges and spent several weeks in jail before conductor Valery Gergiev and other friends helped him raise enough money for bail.
The Royal Opera House removed Vilar's name from its Young Artists training program last month.