Met Opera Faces $30 Million Shortfall After Saudi Arabia Withdraws $200 Million Collaboration
Updated
Updated · The New York Times · May 17
Met Opera Faces $30 Million Shortfall After Saudi Arabia Withdraws $200 Million Collaboration
1 articles · Updated · The New York Times · May 17
$30 million in expected funding has vanished from the Metropolitan Opera after Saudi Arabia pulled out of a collaboration that was set to deliver $200 million over eight years.
The setback deepens a fiscal crisis already straining the company, which has tapped nearly one-third of its endowment to cover operating expenses.
Peter Gelb, finishing his 19th season as general manager, is trying to defend the Met's strategy and finances even as questions grow about the institution's long-term viability.
The funding blow lands despite a season that drew strong audience response for several productions, underscoring the gap between artistic success and financial stability.
Does the Met's crisis signal an end for grand opera, or can a new business model save this historic art form?
After losing a massive foreign deal, how can the Met secure a future independent of unpredictable global patrons and politics?