The move means the iconic facility will once again open its doors as a theatre, educational resource, general arts venue and music centre.
The venue was forced to close in January 2013 due to a lack of funds. Several jobs were also lost in the process. Since its closure, however, Fife Council has looked at a number of options to secure the theatre's future. In a statement, the university said the rescue package will be delivered at no cost to council tax payers in Fife.
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While it will take time for the Byre Theatre to return to its full-frequency operation, a formal opening of the facility has been planned for the Autumn.
Professor Louise Richardson, St Andrews Principle, said: "We are absolutely delighted that Fife Council, Creative Scotland, the community and the University have come together to ensure a bright future for the Byre. We look forward to working together in innovative and creative ways to forge a fabulous centre for the arts right here in St Andrews whose impact will be felt all over Scotland."
Janet Archer, CEO, Creative Scotland, added: "We are delighted that The Byre is soon to re-open. The agreement ensures that The Byre will return as an arts venue for professional and community use as well as becoming a connected part of St Andrews University.
"We welcome the University's long term commitment to The Byre – home to many significant local festivals and a valued venue within the professional touring network – and the stability which this will provide over the coming years."
(JP/IT)
