Is The Palau de les Arts Reina Sofia in the City of Arts and Sciences in Valencia facing a crisis already?

Description:

The Valencian Life Network asks if The Palau de les Arts Reina Sofia in the City of Arts and Sciences in Valencia is on the rocks.

The Palau de les Arts Reina Sofia in the City of Arts and Sciences in Valencia is apparently facing its fourth year of existence with great trepidation, as grants to the entity have dropped considerably - starting with the Valencian Government, that next year will give 24 million Euros as opposed to 29 this year, but the biggest drop is from the Culture Ministry that will only give one and a half million Euros as opposed to the 19.1 million that go to the Teatro Real. The already delicate situation has been worsened due to the current financial crisis as sponsors such as porcelain manufacturer Lladro,the Roig Supermarket Group and a number of others have pulled out, leaving a 300,000 Euro drop in income, and as a result future planned events are being cut from the programme. Amongst the options being considered is to possibly cancel one of the operas or stage it in a concert version, with no sets or costumes