Alberto Vilar is known as a big supporter of the arts
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The Royal Opera House (ROH) has given a philathropist millionaire 60 days to come up with the money to complete a promised £10m donation.
Cuban-American Alberto Vilar promised the money to the ROH development appeal in 1999, but has so far paid only a fraction of that total.
As a result of his pledge, the iron and glass atrium centrepiece of the ROH was renamed the Vilar Floral Hall.
Mr Vilar is currently facing charges of fraud and money laundering in the US.
The ROH would not comment on reports that Mr Vilar's name would be removed from the atrium if he failed to pay up.
New deadlines
After a meeting of the board of trustees, chair Dame Judith Mayhew Jonas said in a statement they considered Mr Vilar to be in breach of contract.
She said: "The Floral Hall was named the Vilar Floral Hall as part of the agreement made in September 1999 that Alberto Vilar would pay £10m towards the Royal Opera House Development Appeal.
The ROH's Floral Hall was renamed after Mr Vilar
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"We have renegotiated the schedule of payments on several occasions. However he has consistently failed to reach these new deadlines and in doing so is in breach of all agreements.
"The 1999 agreement allows the Royal Opera House to give Mr Vilar notice in writing that, by not making the payments he has committed a material breach of that contract.
"If he does not resume making payments by the end of a 60-day period specified in the agreement, the ROH will then be entitled to notify Mr Vilar that the agreement is terminated.
"It is our intention to give notice to Mr Vilar according to the terms of the agreement, and indicate that if no further payments within the 60-day period are forthcoming we will absolve him of his liability to make his outstanding payments."