Management Group Backs Out Of Deal To Take Over San Antonio Symphony

The group cites the symphony’s potential multimillion dollar pension obligation.

By Jack MorganDecember 28, 2017 9:30 am| , , ,

From Texas Public Radio:

A nonprofit organization created to run the San Antonio Symphony announced Wednesday it no longer intends to take over the troubled orchestra due to a potential multimillion dollar pension obligation.

Symphonic Music for San Antonio Chairman Bruce Bugg Jr. said the musicians’ union — the American Federation of Musicians — told him of an unfunded pension obligation of more than $4 million. Now the management group has decided to hand back responsibility to the San Antonio Symphony Society, which had run the symphony since its creation in 1939.

“We’ve contributed over $2 million since May of this year just to keep the symphonic season going,” Bugg said. “Those funds went to pay the salaries of musicians and other expenses.”

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