MANCHESTER, UK (CelebrityAccess) – Manchester’s newest arts space, Factory International, is looking to sell its naming rights for $28m (£25M) as costs for the project continue to rise. The venue is currently four years behind schedule and is due to open in 2023. It’s been reported that the venue is in “advanced” talks with several firms on a branding deal, and the project was estimated to be about $113M (£100m) over budget.
Inflation, workforce shortages, and supply-chain disruption have all been blamed for the rising costs.
The facility, at the heart of the St John regeneration area, will be a permanent home to the Manchester International Festival (MIF), with events all year round. The venue will feature a 1,600-seat theatre and a 5,000-capacity warehouse space for performances and installations.
Senior councilors are expected to approve the request for further funding, which will require £15.2m of borrowing.
MIF executive director Randel Bryan told councilors in Manchester last week that “several leading brands” had expressed interest in a branding deal, the Local Democracy Reporting Service said.
He said: “We’ve already had really advanced conversations that have been in excess of the £24m mark.
“Those deals, for many reasons, are still being developed and are still in the pipeline, but it does show that there are sponsors and partners out there that are prepared to exceed our ambitions with naming rights.”
Two ethics committees will oversee and scrutinize the selection of any sponsors, with deputy council leader Luthfur Rahman sitting on both.
About 70% of the proceeds from the deal will go to the Manchester council directly, with the remaining 30% supporting MIF and the future of Factory International.