The New Theatre in Oxford has changed hands as part of a multi-million pound deal.

The Ambassador Theatre Group has taken over the running of the theatre along with its George Street neighbour, the Old Fire Station nightclub, from Live Nation.

The deal believed to be worth £92m follows Live Nation putting up all 16 of its UK venues for sale in June.

The New Theatre, which has been run by Live Nation since 2002, employs 20 full-time and 75 casual staff.

Spokesman Diana Hackett said all staff would transfer to the new owner and productions remain unaffected.

She added: “I can confirm we have been sold to ATG.”

Last week the Oxford Mail reported that the Old Fire Station would close to make way for a new £3.4m arts centre for the homeless and Ms Hackett confirmed the deal would still go through.

Oxford City Council which owns the building is paying £400,000 towards the venture which is expected to open next May, with the rest coming from national homeless charity Crisis.