Winnipeg's historic Burton Cummings Theatre for the Performing Arts is set to be taken over by True North Sports and Entertainment, CBC News has learned.

A True North spokesperson confirmed that efforts are underway to bring the century-old cultural venue under its control, but the timing has not been finalized.

Officials with True North, which owns the Winnipeg Jets and the MTS Centre, have been working on the deal for months, according to the spokesperson.

Staff at the Burton Cummings Theatre have received letters saying they would lose their current positions but that they could re-apply with True North.

The Burton Cummings Theatre listed two full-time employees and 48 part-time staff in its latest financial report, which also noted that the venue has a deficit of more than $40,000.

About the Burton Cummings Theatre

Originally known as the Walker Theatre, The Burt was constructed in 1906-07 and was part of a circuit through the Red River Valley that brought in Broadway-style shows.

It was converted into a movie cinema in 1945 and in 1991 it was reopened as a venue for live performances. That same year, it was designated a National Historic Site of Canada and a Provincial Heritage Site.

In 2002, it was renamed after former Guess Who lead singer Burton Cummings, who donated a portion of proceeds from a string of concerts at the theatre to help pay down the debt.

You can read more about the theatre's history on its website.