Horsecross Arts, which runs both Perth Theatre and Perth Concert Hall, is poised to receive up to £500,000 from Perth and Kinross Council.
The money aims to cover its pressing financial needs and the "transition period" leading to the closure of the 114-year-old theatre early next year for a £14.5m, two-year revamp.
The discussions came after the company's chief executive Jacqueline McKay, resigned for personal reasons. Rachel O'Riordan, Perth Theatre's artistic director, is also to leave.
Colin McMahon, a former senior official at Angus Council, has been appointed interim chief executive of Horsecross Arts. He confirmed the company is looking for extra funding.
Horsecross Arts have received more than £3.7m in funding from Creative Scotland since June 2010.
Mr McMahon said yesterday: "Like many businesses in the current economic climate, Horsecross has been facing increasing financial pressure, with particular concerns about the rising cost of maintaining and renewing the buildings and facilities some of which are now becoming very old.
"We have shared these emerging issues with Perth and Kinross Council, as our principal funders, and they have been very supportive in working to ensure a stable financial position."
He said Horsecross and the council are 'absolutely committed' to delivering cultural, conferencing and creative learning programmes there. He added: "The financial assistance we are working to put in place will secure this work and its value."
A statement from the council, which funded the venues with more than £1.3m this year, said it learned during the summer of the problems and has been working with the Horsecross board and management to stabilise the financial situation.