The present work aims at analyzing the subject of the management of a municipal theatre, in the case of a re-opening, in a business economics perspective. Recently, in Italy there has been many cases of re-opening of municipal theatres, mainly tied to the offering of financing scheme on behalf of the EU. This process has to be envisaged in a managerial perspective. In fact, there is the risk that, without a business economics analysis, the re-opening of a municipal theatre means the emerging of a deficit that affect the local authority balance sheet, and, eventually, the public finance. Hence, it is particularly necessary to carry out two kind of analysis: the analysis of the most appropriate governance system and the analysis of the most appropriate tools for planning, programming and controlling the financial performance.