The Metropolitan Opera lost a promised infusion from Saudi Arabia after Riyadh cancelled a memorandum that could have delivered up to $200 million over eight years. General manager Peter Gelb said the withdrawal stems from the war in Iran and reduced oil flow through the Strait of Hormuz, which the Saudis deem non‑essential. The decision shatters the Met’s latest attempt to plug a deep fiscal hole.

With the Saudi cash gone, the Met now faces an immediate $30 million shortfall that must be covered by July 31, and larger gaps loom in future budgets. The company has already trimmed its season, cut salaries and laid off staff, and its endowment fell to $216 million from $340 million in 2022. Moody’s downgrade adds pressure on its $62 million credit line.

Despite artistic successes—sell‑out runs of “Tristan und Isolde” and a critically praised “Innocence”—the Met must now seek alternative sponsors or accelerate the pending naming‑rights sale for its house. A pending $100 million bequest won’t arrive for another year, leaving the opera to rely on dwindling ticket revenue and donor contributions to stay afloat. Gelb said the search for new partners is urgent.