Founded by British director Burton Lancaster, who had the idea to create a new theatre company with the help of Dusty Miller (the first Chair of the Arts and Heritage Committee of Thunder Bay, and former Mayor of Thunder Bay), and Carol Bell, (a former Hillcrest High School drama teacher), a citizen's coalition was formed.

Building upon Lancaster's initial vision, each successive Artistic Director has taken the Magnus reigns and strengthened the theatre's local and national profile.

[1] From 1992 to 2016, Mario Crudo placed his focus on the following areas: strengthening and broadening ties with the community, partnerships, generating new interest in mainstage productions, advancing new play development, and solidifying adult regional touring and other outreach programs.

The renovation of the school also included the preservation and enhancement of the Waverley Park Heritage Conservation District and Magnus Theatre was renamed in honor of one of their generous patrons, Dr. S. Penny Petrone Centre for the Performing Arts.

This award certainly justified the dedicated work of the Organization's management and Board to supplementing the Company's operating support through innovative sponsorship initiatives and other fundraising campaigns.