Our favourite shirt factory, La Mama, is up for sale. But those who fear that this might mean the disappearance of one of Melbourne's oldest and most loved theatres can breathe easy. The most likely buyer is La Mama Theatre itself.

Artistic director Liz Jones says that the company has a three-year lease on the building, and in the meantime is investigating every possible avenue to fund the purchase of La Mama, from state and federal government funding, to the Melbourne City Council, to private enterprise, to philanthropy. "It might end up being a massive public appeal," she said. "Everything's on the table. It would be really, really brilliant if we could own it ourselves, and be our own landlord."

The owners have asked the management of La Mama to value the property and to make an offer, and they are now in the process of doing just that. In the meantime, it's business as usual.