The Opera House portion of the building was not razed when the original Auditorium was but remained closed since 1992, as members of Civic Progress, Inc., who promised to pay for the renovation of the Opera House, reneged on that promise, while opposing all outside efforts to achieve that renovation. In June 2009, the St. Louis Board of Aldermen voted 25–1 to subsidize the renovation and reopening of the Opera House under the direction of its new owners, Sports Capital Partners (who also own the Blues). The subsidies were funded by municipal bonds and state/federal historic tax credits. On July 12, 2010, it was announced that the name of the opera house would be changed to the Peabody Opera House, named after the company Peabody Energy. On October 1, 2011, the Peabody Opera House opened for the first time since the $79 million renovation. It is now known as the Stifel Theatre after naming rights were purchased by the locally-based investment bank.