The total cost of phase 1 of the project was £106.2 million. The National Lottery Millennium Fund provided £31.7 million, a further £37 million came from The National Assembly for Wales and £10.4 million was donated by the Arts Council of Wales. In addition a private investor, South African businessman Donald Gordon donated £20 million to be shared equally between the Royal Opera House and the Wales Millennium Centre. WMC also received a £13.5 million loan from HSBC. The remaining funds for the project came from a major sponsorship deal with the Principality Building Society. The Weston Studio is named after the Garfield Weston Foundation which funds the Glanfa Stage, and is located on Level 1 of the building. The organisation has many corporations and public bodies who provide sponsorship to WMC.