The entertainment promotion group MCD has bought Dublin's Gaiety Theatre for £4 million. The take-over becomes effective from March. Pledging to maintain the Gaiety's 128-year theatrical tradition, Mr Denis Desmond, of MCD, said yesterday his company was already preparing a programme of events and productions for the theatre. He was particularly happy to end the uncertainty about its future.
However, he added that the Gaiety "is a commercial entity which, unlike the Abbey or Gate theatres, receives no State subsidy and therefore has to pay its way". MCD, which has a half-share in the Olympia Theatre, intends having discussions with the Arts Council to try to generate funding for new theatrical productions and ventures, he said.
The executive director of the Gaiety, Mr John Costigan, said last night he was delighted to welcome Mr Desmond to the theatre. Their combined expertise "will ensure the future of this famous theatre".
MCD has purchased the Gaiety from the Break for the Border group. MCD is best known for rock and pop concert promotions, but has also presented theatrical events.