 The dereliction of the old Athenaeum continued until 1989, when it was purchased by a local businessman.In an interview with the "Limerick Post", a director of the new Theatre Royal Company said, "We see it primarily as a theatre and would compare it to the Olympia or the Gaiety in Dublin..." During the renovation, many of the architectural features of the original hall were carefully restored, including the three ceiling domes.According to the new management, the purpose of the new theatre was to provide live music concerts to young people and to provide them with an alternative venue.