Andrew Lloyd Webber Selling Theaters to Cut Debt
Webber had prostate surgery last year and post-operative complications since then have made things difficult. "It has been a totally gut-wrenching decision for me to decide to sell the four theatres," he said in a statement. "However, following my illness last year I was advised to reduce the debt in the family company."
The sale is expected to be finalized in January and details are not yet available except to say that in addition to reducing debt some of the proceeds will also be re-invested back into the Palladium and the Theater Royal Drury Lane.