Dance Theater of Harlem may have to disband if it does not raise $2.5 million by the end of June.
The company intends to continue its school, which serves 800 to 1,000 students, [Arthur] Mitchell said.
Dance Theater, which has been struggling to remain solvent for three months, is about to hire its first executive director to try to restore financial stability, the company said, but no one has been named yet. Mr. Mitchell, 70, who has been accused of inept management, said he would surrender his administrative duties and focus exclusively on the artistic side of the company.
"It is time for me to move over," Mr. Mitchell said in his first extensive interview about the company's finances. "It is time for me to bring in a partner who is savvy, who can put together a working board, who has the clout internationally and nationally to bring money and infrastructure."