Taunton Deane Borough Council is making a bid for The Brewhouse Theatre in Taunton to safeguard its future as a public arts and performance hub in the county town.
The bid will help the borough council to act as a "safe custodian" for the theatre which closed when it went into administration in February this year.
But the authority is keen to stress that it will not take on running the theatre. The bid is being made to the administrators BDO and is subject to approval by full council, a survey and contract.
Council leader John Williams said: "The borough council's bid, if accepted, will help us to safeguard the theatre building and contents as an important performing arts centre while a financially sustainable future is sought.
"Our bid reflects our commitment to the future of arts and culture in Taunton. As a council we are aware just how important it is for our county town to have a thriving theatre and artistic offer."
The council said that, if another bid for the theatre is made and accepted by administrators, it would look at the intended uses to ensure that the venue is protected as a hub for arts and culture.
A temporary independent adviser is also being appointed to look at potential business models for the venue and help ensure that any organisation, group or individual keen to take on The Brewhouse can make its future financially stable.
A steering group made up of the council's political group leaders, the arts portfolio holder and shadow portfolio holder and Max Hebditch, who chairs Taunton's Cultural Consortium, will work with the adviser.
"The council has no ambition to be the theatre operator but it is key that we work hard to find a sustainable and successful future for the venue," said Cllr Williams.
