Factory International eyes £25m windfall from naming rights

The venue will open in summer 2023, four years behind schedule

A major new arts venue in Manchester is hoping to raise £25m with the sale of its naming rights.

Factory International, which is due to open in 2023, is understood to be in "advanced" talks with a number of firms on a branding deal.

The move comes after the project was estimated to be about £100m over budget.

Inflation, workforce shortages and supply-chain disruption have all been blamed for the rising costs.

The facility, at the heart of the St John's regeneration area, will be a permanent home to the Manchester International Festival (MIF) with events all year round, contributing an estimated £1.1bn to the economy over a decade.

The venue will feature a 1,600-seat theatre and a 5,000-capacity warehouse space for performances and installations.

MIF executive director Randel Bryan told councillors in Manchester last week that "a number of leading brands" had expressed interest in a branding deal, the Local Democracy Reporting Service said.

He said: "We've already had really advanced conversations with 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."

There are two ethics committees that will oversee and scrutinise the selection of any sponsors, with deputy council leader Luthfur Rahman sitting on both.

It is hoped that the naming rights will be sold before the venue opens in 2023.

About 70% of the proceeds from the deal will go to Manchester council directly with the remaining 30% support MIF and the future of Factory International.