[1] Today's Byre Theatre was built by award-winning architects Nicoll Russell Studios of Broughty Ferry, Dundee.

At a cost of £40,000, funded by a public appeal and the local authority, it was modeled on the Mermaid Theatre in London.

Paterson's last ambition was yet again to modernise and refurbish the Byre Theatre to meet current expectations and requirements, in particular to address the inadequate facilities for those with special access needs, including visual or audio impairment.

A cut in funding in 2006 meant that the Byre had to abandon producing its own plays, and subsequently provided a venue for visiting productions and community activities.

Under the agreement, which takes the form of a 25-year lease, the Byre will be used as a theatre, educational resource, general arts venue and music centre.

When the announcement was made, the University stressed that the "rescue package will be delivered at no cost to council tax payers in Fife who hitherto had subsidised the ailing theatre".