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 Post subject: American Ballet Theatre Financial News
PostPosted: Wed Apr 10, 2002 8:21 pm 
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Joined: Fri Oct 22, 1999 11:01 pm
Posts: 17498
Location: SF Bay Area
ABT has announced that it will receive 1.2 million USD from the Andrew W. Mellon Foundation to support new works. The Foundation's previous grant to ABT, in 1998, went towards new works by Nacho Duato, Lar Lubovitch and Christian Holder.

<small>[ 12 November 2003, 11:03 AM: Message edited by: Azlan ]</small>


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 Post subject: Re: American Ballet Theatre Financial News
PostPosted: Wed Nov 12, 2003 10:04 am 
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Egads:

Quote:
Sponsor Spurns Ballet Theater

ROBIN POGREBIN
NY Times

The Movado Watch Company has withdrawn its considerable financial support from American Ballet Theater and given it instead to the New York City Ballet, saying it was forced to do so because of financial mismanagement at Ballet Theater. <a href=http://www.nytimes.com/2003/11/12/arts/dance/12ABT.html target=_blank>more</a>


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 Post subject: Re: American Ballet Theatre Financial News
PostPosted: Wed Nov 12, 2003 12:46 pm 
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Interesting article! And the finger pointing at Lewis S. Ranieri - especially in light of that ridiculous Les Sylphides episode!


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 Post subject: Re: American Ballet Theatre Financial News
PostPosted: Wed Nov 12, 2003 12:50 pm 
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It's quite a public slap in the face...


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 Post subject: Re: American Ballet Theatre Financial News
PostPosted: Wed Nov 12, 2003 1:11 pm 
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Ouch, that's a major sponsorship to lose...


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 Post subject: Re: American Ballet Theatre Financial News
PostPosted: Wed Nov 12, 2003 2:19 pm 
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Location: Canada
And for those who are interested...the press release announcing Movado's new sponsorship of NYCB....

More News 

Movado and New York City Ballet Launch New Partnership

PR Newswire - November 12, 2003

PARAMUS, N.J., Nov 12, 2003 /PRNewswire-FirstCall via Comtex/ -- Movado Group, Inc. (NYSE: MOV), today announced that Movado will launch an annual sponsorship of New York City Ballet, beginning with the European Festival in Spring 2004, part of New York City Ballet's yearlong celebration of its founding choreographer, George Balanchine. Balanchine 100: The Centennial Celebration, marks the 100th anniversary of Balanchine's birth and runs from November 25, 2003 to June 27, 2004 at the New York State Theater. This is the first sponsorship Movado has provided for New York City Ballet.

"New York City Ballet is not only a world-renowned dance company, but one of the most influential in history. George Balanchine's vision of a new, modern repertory both created and performed by the company's own artists, set international standards. Under the direction of Peter Martins, the New York City Ballet has taken Balanchine's ideals to new heights.

We are particularly pleased to begin our relationship with New York City Ballet by supporting the celebration of the Balanchine Centennial. We feel that Balanchine's vision ideally reflects our Movado brand heritage of innovation and iconic modern design," said Efraim Grinberg, CEO and President of Movado Group.

Movado has a long-standing relationship with the arts. A few of the organizations for which the Movado brand provides support include Lincoln Center for the Performing Arts, the Miami City Ballet, Public Television arts programming and the Kennedy Center. Over the years, the company has made a multi-million dollar commitment to artistic expression, with a particular focus on dance.

Peter Martins, New York City Ballet's ballet master in chief, commented, "In addition to being one of the greatest choreographers ever to live, George Balanchine was a giant of 20th century modernism along with Picasso, Stravinsky, and others. We are delighted to have Movado's support and participation in honoring his many contributions to our culture."

Movado Group, Inc. designs, manufactures, and distributes Movado, Concord, ESQ, Coach and Tommy Hilfiger watches worldwide, and operates Movado boutiques and Company stores in the United States.

SOURCE Movado Group, Inc.

CONTACT: Jill Golden, Director of Public Relations, Movado Group, Inc.,

+1-212-218-7538

URL: http://www.prnewswire.com

http://www.movadogroup.com

Copyright (C) 2003 PR Newswire. All Rights Reserved.


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 Post subject: Re: American Ballet Theatre Financial News
PostPosted: Wed Nov 12, 2003 4:46 pm 
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Quite disturbing. It seems as though Mr. Ranieri may be moving toward a Lucia Chase-type role at ABT. More disturbing was the nearly cavalier response from ABT management that the loss would open up other sponsorship opportunities. Who are they kidding?! The dancers' union had better speak up to the trustees if they have concerns about this type of loss before other sponsors follow suit. ABT should not be run by one sugardaddy. Sorry about the caustic tone--but this whole matter is inexcusable. Thank goodness Movado kept their money in ballet--thank goodness!


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 Post subject: Re: American Ballet Theatre Financial News
PostPosted: Wed Nov 12, 2003 5:44 pm 
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"I don't think it's that big a deal," said Nancy F. Havens-Hasty, chairwoman of the board's finance committee. "It's more the visibility: the name has always been there. They have that pretty clock across from Lincoln Center." But she added, "I don't think the money that we see from them is as important as it once was." This article was just posted online at The New York Times. Here's the link.

http://nytimes.com/2003/11/13/arts/dance/13ABT.html

I simply cannot understand or believe this kind of _______. Considering what Mr. Ranieri is involved in as far as the day to day operations, appointing artistic advisor (Jaffe), etc. is this not the ghost of Lucia Chase? I even remember at the final performance of Swan Lake last year--during, and I do mean DURING Ananiashivili's Act 3 black swan variations, Ranieri was standing in the wings, clearly visible from where I was sitting (dress circle box house right) TALKING ON HIS CELL PHONE! Odile nearly had to run around him. Do you suppose we may see him descend the steps as the prince's mother like Lucia did? Okay, maybe I'm overreacting. But folks, it was $400,000 that he lost. $400,000. This calls for a graemlin, or two. :mad:

<small>[ 12 November 2003, 07:18 PM: Message edited by: Poohtunia ]</small>


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 Post subject: Re: American Ballet Theatre Financial News
PostPosted: Wed Nov 12, 2003 8:26 pm 
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Location: SF Bay Area
Well, to be honest, $400K is -- although a healthy sum of money -- probably doesn't amount to a "governing" percentage in ABT's annual budget. The issue however is bigger than the $400K, in particular the erosion of confidence in ABT's management. No one likes to bet on a losing horse (or rather one that is perceived to be).

The (non-arts) funding "family" that I used to advise would certainly ask a lot of questions before giving money to an organization that suffered such a negative PR. I suspect others will too no matter how close they are to the company and no matter what private assurances they've given to the board.

<small>[ 12 November 2003, 11:47 PM: Message edited by: Azlan ]</small>


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 Post subject: Re: American Ballet Theatre Financial News
PostPosted: Wed Nov 12, 2003 8:28 pm 
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BTW, these were various other topics in the Managing Dance forum:

- <a href=http://forum.criticaldance.com/cgi-bin/ultimatebb.cgi?ubb=get_topic;f=15;t=000088 target=_blank>Management Turmoil at American Ballet Theater</a>

- <a href=http://forum.criticaldance.com/cgi-bin/ultimatebb.cgi?ubb=get_topic;f=15;t=000159 target=_blank>American Ballet Theatre Management Changes</a>

- <a href=http://forum.criticaldance.com/cgi-bin/ultimatebb.cgi?ubb=get_topic;f=15;t=000338 target=_blank>Champagne Perrier Jouet for American Ballet Theatre</a>

<small>[ 12 November 2003, 09:29 PM: Message edited by: Azlan ]</small>


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 Post subject: Re: American Ballet Theatre Financial News
PostPosted: Thu Nov 13, 2003 12:00 am 
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Location: London
having just seen the company live for the first time, it strikes me moe when i hear news like this. Incredibly strong company but i did see so many seats empty even on prime days, at City Center, that i wondered about their finances. I would imagine this will strike them hard unless someone else sees their opportunity and steps in.


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 Post subject: Re: American Ballet Theatre Financial News
PostPosted: Thu Nov 13, 2003 6:23 am 
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No doubt, the trustees are doing some major scrambling right now. Let's hope it pays off.


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 Post subject: Re: American Ballet Theatre Financial News
PostPosted: Thu Nov 13, 2003 6:46 am 
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Location: Estonia
Quote:
Ballet Theater Is Calm in Face of Loss of Funds

By ROBIN POGREBIN
The New York Times

American Ballet Theater insisted yesterday that the Movado Watch Company's decision to switch its support to the New York City Ballet would not damage Ballet Theater's financial health. But others in the worlds of art and philanthropy said Movado, which withdrew its funds over accusations of mismanagement, had delivered a stinging blow at a time when corporate money for dance was limited and cultural backing in decline.
more


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 Post subject: Re: American Ballet Theatre Financial News
PostPosted: Thu Nov 13, 2003 11:17 am 
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Location: El Granada, CA, USA
Well, as was said above, at least they are keeping their money in the dance world. Do you think Movado will go for a spot on the NYCB board?


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 Post subject: Re: American Ballet Theatre Financial News
PostPosted: Thu Feb 05, 2004 9:26 am 
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Location: San Francisco, CA
ABT looks like they're having a difficult time all around. The key here, as for many arts organizations -- actually, for many individuals in general, too-- is cash flow:

Quote:
Cash Flow Plagues Ballet Theater
By ROBIN POGREBIN

Published: February 5, 2004


merican Ballet Theater, one of the country's leading dance companies, has returned to its cash-poor days of a decade ago, when it was on the verge of declaring bankruptcy.

Ballet Theater's cash reserves dropped by more than $3 million — to $3.4 million from $6.5 million — in the last fiscal year, which ended in July, according to an audited financial statement recently released to its trustees. And a more recent financial report compiled by the company for the four months that ended on Nov. 30 showed an operating deficit of $3.8 million.
MORE

This coupled with the poor review in Washington... not a good week for ABT!


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