Winnipeg's historic Burton Cummings Theatre for the Performing Arts is set to be taken over by True North Sports and Entertainment, CBC News has learned.

A True North spokesperson confirmed that efforts are underway to bring the century-old cultural venue under its control, but the timing has not been finalized.

Officials with True North, which owns the Winnipeg Jets and the MTS Centre, have been working on the deal for months, according to the spokesperson.

Staff at the Burton Cummings Theatre have received letters saying they would lose their current positions but that they could re-apply with True North.

The Burton Cummings Theatre listed two full-time employees and 48 part-time staff in its latest financial report, which also noted that the venue has a deficit of more than $40,000.