NEW YORK, April 24, 2026 (BSS/AFP) - The Metropolitan Opera said Thursday that a major partnership with Saudi Arabia had fallen through, removing a key potential source of funds as it faces tough fiscal challenges.

In September, the 143-year-old New York opera house announced a venture whereby the Met would perform annually in Saudi Arabia and provide artistic training in exchange for financial support.

But the Met, which has faced credit ratings downgrades in the last year in the wake of operating deficits, said Thursday that the venture has fallen apart.

"As a result of the current economic situation in Saudi Arabia, the Metropolitan Opera's planned agreement with the Saudi Ministry of Culture has been cancelled," the Met said in a statement.

The partnership "would have provided a significant new revenue stream for the Met," the statement added.

While the Met did not disclose the financial terms, the venture would have provided the New York institution as much as $200 million, according to the New York Times, which reported earlier Thursday that the deal was off.

Met General Manager Peter Gelb told the Times that the Saudis had withdrawn from the deal because of the Middle East war, which has harmed the Saudi economy due to lost oil shipments through the Strait of Hormuz.

The Met's announcement follows widespread reports that Saudi Arabia's sovereign wealth fund also appears likely to abandon support for LIV Golf after this season, putting the sports league's future in doubt.

The Met "will soon launch a public fundraising campaign, while pursuing other new revenue initiatives and cutting expenses," the opera company said. "No performances at the Met are being canceled."