The Civic Hall would also be given a one off cash handout to increase its entertainment space.
Jeremy Brown, chairman of the Grand Theatre board said: "The theatre continues to work very closely with the city council to ensure the Grand has a positive future." The council is currently drawing up 56.5 million of cuts over five years.
"The problem the Grand has is that some of the shows were made for the bigger London stages and can't be brought here without the enormous expense of creating a new set. With the Civic Halls we're already working to create more entertainment space."
some big name productions. The theatre would be handed a one off cash lump Converse Low Tops Men sum by Wolverhampton City Council to expand its facilities.
It comes as figures revealed that income at the Civic Halls was 1.4 million between 2009 and 2012, a drop of 279,000 on bar takings and 115,000 in hall hire on the previous Converse High Cut Fashion Men
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Council documents reveal the Grand is predicting a loss this year and needs to expand its facilities to attract big shows.
Councillor Roger Lawrence, leader of Wolverhampton City Council said: "The Grand and the Civic Halls would be part of what we call 'invest to save'. If we help them by investing in them then we can save money in the long run.
The council wants to scrap its 500,000 a year subsidy to the Civic Halls and cut 50,000 from its 453,000 grant to the Grand next year and another 50,000 in 2016.
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