The Alexandra Park and Palace Charity Trust said in a new report that costs have risen by 132 per cent largely due to a rise in energy prices.
The Grade II listed building in north London has warned it may run up an operating deficit of £1.1million this year. Next year, the deficit may increase to £2million the trust warned.
Due to the huge operating costs, the trust has asked for additional funding from Haringey Council in order to continue.
As reported by the Local Democracy Reporting Service, the 147-year-old venue which hosts the World Darts Championship every year and multiple musical events, said it is attempting to control costs and would only request “what is absolutely necessary”.
A spokesperson for the trust, said the venue had also taken in a range of initiatives in order to make the palace greener and more energy efficient.
They added: “Due to the exceptional times we are currently living through, we still need to bring in additional funding.
“We are continuing to explore savings and revenue opportunities, so that we can continue to operate in the manner that so many people have come to enjoy and benefit from.”