Presently known as Factory International, the project is estimated to be £100m over budget as well as behind schedule. Inflation, workforce shortages and supply-chain disruption have all been cited as reasons for the excessive cost.
Factory International, which is in the St John’s ‘regeneration area’, said to be in advanced talks with a number of companies in regards to a naming deal.
Once open, the venue will be the permanent home to the Manchester International Festival, providing year-round events and contributing a projected £1.1bn to the economy over a decade.
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It will feature a 1,600-seat theatre as well as a warehouse space used for performances and installations.
Manchester International Festival’s executive director, Randel Bryan, said last week: “We’ve already had really advanced conversations that have been in excess of the £24m mark.
“Those deals, for a number of reasons, are still being developed and are still in a pipeline, but it does show that there are sponsors and partners out there that are prepared to exceed our ambitions with naming rights.”
Roughly 70 per cent of proceeds from any potential deal would go directly to Manchester’s Council. The remaining portion would be split between Factory International and the Manchester International Festival.
They are hoping an agreement can be reached before the venue opens.