In 1901 Newman became the lessee of the hall as well as its manager, but the following year, after unwise investment in theatrical presentations, he was declared bankrupt. The music publisher Chappell and Co took over the lease of the building, retaining Newman as manager. The Queen's Hall orchestra and concerts were rescued by the musical benefactor Sir Edgar Speyer, a banker of German origin. Speyer put up the necessary funds, encouraged Newman and Wood to continue with their project of musical education, and underwrote the Proms and the main Symphony Concert seasons. Newman remained manager of the hall until 1906 and manager of the concerts until he died in 1926.