The Metropolitan Opera has agreed to play three weeks each winter in Saudi Arabia in a deal said to be worth $100 million a year.
Without it, the company was going to the wall, drawing down $120 million from its endowment to cover accumulated debts.
General manager Peter Gelb told the NY Times the Saudi deal would cover a ‘substantial portion’ of the Met’s financial needs through at least 2032.’
“It’s the right thing to do,” Mr. Gelb said of the agreement, “because it will make the Met stronger as an institution, both financially and artistically.”
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