Bayreuth Festival Support Association to sell half its share

Bayreuth Festival Support Association wants to reduce its stake in Festspiel-GmbH to 15 percent, almost halving it. Georg von Waldenfels, the association's chairman, told the German news agency Deutsche Presse-Agentur (DPA) that the decision was taken at a board of directors' meeting in Berlin on Saturday.

So far, the Bayreuth Festival Support Association holds 29 percent of the shares, the same percentage as the federal government and the Free State of Bavaria. The Free State of Bavaria has announced in advance that it will increase its shareholding and make up the missing funds if the federal government agrees.

According to information from the Bayreuth Festival Support Association, the association will contribute 2.4 million euros to the 2024 festival budget, which is currently about 1 million euros less than usual, and the other shareholders will have to make up for the lost funds or the festival will need to downsize its budget. Discussions are already underway in response to the downsizing of the choir and savings on the orchestra.