Overview
- The Metropolitan Opera confirmed the Saudi funding plan is off, creating a $30 million hole it must close before the fiscal year ends on July 31.
- Saudi officials told general manager Peter Gelb in a Zoom call that they would not proceed, citing regional economic strain linked to the war in Iran and disruptions in the Strait of Hormuz.
- The plan had been a nonbinding memorandum of understanding worth up to roughly $200 million over eight years in exchange for a three‑week annual residency at Riyadh’s Royal Diriyah Opera House.
- The Met says no performances are being canceled and it will launch a public fundraising drive, pursue new revenue such as selling naming rights, and weigh a private sale of two Marc Chagall lobby murals, while a large bequest is not expected for at least a year.
- The company had already cut jobs, imposed temporary pay reductions, and trimmed next season to 17 operas after pandemic losses and public scrutiny of Saudi ties that drew criticism over human rights concerns, including the 2018 killing of Jamal Khashoggi.