Isle of Wight Radio can reveal that a deal over the future of Ryde Theatre is moving forward, with a preferred bidder for the building due to be announced next week under delegated powers.
The venue has faced an uncertain future after being closed by the Isle of Wight Council in 2010 as part of funding cuts.
A previous proposal to bring the theatre back into use received from Platform One music college fell through because of the funding needed for repairs.
The theatre was confirmed, as recently as last month (August), as among the local authority’s list of properties for sale.
Isle of Wight Radio can reveal that the IW Council has since received a number of bids for Ryde Theatre and the favoured bid is expected to be announced next week.
John Metcalfe, Isle of Wight Council deputy director for economy and environment said: “The council has received a number of bids for Ryde Theatre and a delegated decision paper has been prepared and will be published next week.
"This sets out the details of the offers that have been received and will recommend which should be accepted by the council,” Mr Metcalfe concluded.