Foundation Entertainment to Manage Star City Lyric Theatre?

The Foundation Entertainment Group, the owner and operator of the Capitol Theatre in Sydney's Haymarket, has announced a plan to acquire and manage the Lyric Theatre at Star City in Pyrmont, pending approval from the NSW Casino Liquor and Gaming Control Authority.

If successful, Foundation's control of Sydney's two state-of-the-art lyric theatres give the city a better chance of premiering major musical productions.

A report in the Sydney Morning Herald highlights that, in recent years, the rival 2,000-seat theatres have been part of a bidding war for the Australian premieres of the musicals The Producers, Wicked, Jersey Boys, Mary Poppins, Hairspray and Rock of Ages. In every instance Melbourne clinched the deal mainly because of Sydney's theatre shortage or timing issues.

The Managing Director of Foundation Entertainment, Stephen Found, says the acquisition represents "a win-win" for theatre patrons, producers and promoters.

Found, who established the innovative lighting technology company Bytecraft in 1984, explained "the wonderful Lyric Theatre will complement our magnificent Capitol Theatre perfectly.

"The management of the two theatres will be optimised to attract the world's leading productions to Sydney."

The Sydney Morning Herald reported that producer John Frost, Disney Australia's Managing Director, James Thane, and Newtheatricals' Managing Director, Rodney Rigby, each welcomed the move by Foundation Entertainment.

Rigby was quoted as saying "it is appropriate that a savvy businessman who loves the theatre should take ownership of the Lyric.

"It will ensure that Sydney has the best possible chance of securing major musicals for years to come. It's a breathtaking opportunity for all of us."

Frost, the co-producer of Doctor Zhivago, says the Lyric is among his favourite theatres and that Found's involvement will bring passion, attention to detail and a greater level of certainty for producers.

Foundation Entertainment expects to take control of the venue in July next year and will honour existing contracts and programming obligations.

Star City's Managing Director, Sid Vaikunta, says the company's track record for delivering world-class stage productions will enhance the Lyric's reputation, stating "this arrangement will see more high-quality productions coming to Sydney.

"Star City is investing $960 million building a new five-star hotel and a $100 million events centre."

26th May 2010 - CAPITOL THEATRE’S ‘WICKED’ PERFORMANCE