The National Assets Management Agency (NAMA) has taken control of businessman and developer Harry Crosbie's Bord Gais Energy Theatre and Point Village developments. Both sites on Dublin's docklands are operated by companies owned by Mr Crosbie.

We understand that Crosbie owes NAMA a sum in the region of €500m, related to a portfolio of developments which suffered in the recent property crash. NAMA acquired the debt when they took over AIB loans which had been drawn by Crosbie's various business interests.

Steve Tennant and Paul McCann of Grant Thornton accountants have been appointed receivers of the Bord Gais Energy Theatre, the Point Village and the Gibson Hotel.

Bord Gais released a statement earlier today to address questions as to what this would mean for their sponsorship of the former Grand Canal Theatre, saying: "the sponsorship agreement, which was signed in October 2011 was for 6.5 years".

The theatre maintained that their upcoming programme schedule will continue as advertised.

The O2 Theatre will also be unaffected by today's news.