Troubles in Florence
GIUSEPPE PENNISI was at the
opening night of the Maggio Musicale Fiorentino
The Florence annual music Festival -- named 'Florentine Musical May' but extending to the end of June -- is in serious financial trouble. The pertinent foundation no longer has any assets, but instead a stock of 36 million euros debt. Its operational expenditure exceeds subsidies and other sources of funds (tickets, advertising, selling of productions) by 5 million euros. The negative cash flow may reach 8 million euros per annum when the New Theatre (under construction for years with huge cost overruns) starts operating (now foreseen in late 2014)...
Copyright © 7 May 2013