Tycoon Simon Rigby says he lost £6m during his tenure running Preston's Guild Hall.
Mr Rigby announced today the Charter Theatre and Great Hall are to reopen a month after it closed when a deal to hand over control to specialist live music company VMS Live was delayed by the tragic death of the firm’s owner in a road accident.
The entertainment complex will now be run by GF Preston Ltd until a suitable operator can be found.
The Guild Foundation, which is funded by Mr Rigby, stepped forward to reopen the theatres.
Numerous reports have emerged over the past 12 months of performers not receiving payments, but Mr Rigby revealed today he had also lost.
“Even though I lost £6,000,000 on the Guild Hall I am determined not to leave Preston without the booming Guild Hall it deserves," he said.
"I have no interest in operating the Charter Theatre or Great Hall myself but the talented Management that have worked so hard for many years deserve an opportunity to shape the future”.
Entrepreneur Simon Rigby bought the Guild Hall for just £1 back in 2014.
The Guild Hall was originally built to replace the town’s Public Hall, intended to be ready for the Preston Guild of 1972, but construction was delayed and it officially opened in 1973.