The money from the Arts Council, the London Arts Board, the London Boroughs Grants Unit and Islington Council means it can stage autumn performances by Glyndebourne Touring Opera, London Contemporary Dance Theatre and London City Ballet.
The money plugs a pounds 300,000 income gap. The theatre faced a pounds 575,000 deficit at the beginning of this financial year. Box office sales will cut the deficit to below pounds 500,000 next year, officials say.
Lord Palumbo, Arts Council chairman, warned: 'Reports have identified serious financial and management problems which we are asking Sadler's Wells to address. The grant from the Arts Council is made in exceptional circumstances and is specifically to ensure the theatre remains open.'
Stephen Remington, the theatre's director, said that without the new funds there would have been an orderly winding-up. He added: 'There are issues we have not addressed in part because of the shortage of funds. We will now have the time to plan the theatre's future viability.'Reuse content