Barry Hearn has set Sheffield City Council a deadline of the end of the year to come up with a plan to keep the World Championship at the Crucible.

The iconic theatre, which seats just 980 spectators, has hosted snooker’s premier tournament since 1977 but its contract expires in 2027.

Hearn, the World Snooker Tour honorary president, insists his preference is to stay at the Crucible rather than moving overseas and he held positive talks with council chiefs on Thursday morning.

However, Hearn says the tournament must become more profitable so he can double the winner’s prize money from £500,000 to £1million – and wants Sheffield to either expand the venue or start paying World Snooker a site fee.

‘As much as it sounds pretty barbaric, it all comes down to pound notes,’ said Hearn. ‘There’s a value to Sheffield City Council for having it in Sheffield. So, show me the money, show me the way forward, and hopefully we can sign another 10-year deal at the Crucible.

‘We agreed to meet in another three months with a view to knowing exactly where we are by the end of this year, so the pressure is on.

Barry Hearn has given Sheffield City Council until the end of the year to decide if they want to still host the World Snooker Championship at the Crucible

The 980-seat venue has hosted the tournament since 1977 but its contract expires in 2027

Hearn wants to stay at the Crucible but has encouraged the council to expand its capacity

‘The talks went well. I’m a little more optimistic today than I was yesterday. I was impressed with the passion and commitment that Sheffield Council have got for snooker.

‘But we have to live in the real world. We can’t turn away from the realities of sports life, which is centred around prize money.

‘You’ve got to get in as much income as you can because then you can pay as much prize money as you can.

‘Whether that income comes from sponsorships, whether it comes from gate income or whether it comes from site fees is irrelevant to me as long as it comes in, so I need a plan.

‘The onus is on Sheffield to come up with something in line with Government, in line with our thinking of where the game stands in terms of prestige and respect.

‘We love Sheffield. We love the Crucible. But in any relationship if the other side doesn’t love you back, it’s destined for failure.

“So, at the moment we’re engaged and I’m hoping in the next few months we’re going to get married again. Let’s keep our fingers crossed.’

Eddie Hearn, the chairman of World Snooker Tour majority owners Matchroom Sport, said last week that he would have left the Crucible five years ago, with Saudi Arabia and China among the countries interested in hosting the World Championship.

Hearn believes that an expanded theatre would allow the tournament to be more profitable

Meanwhile, Hearn’s son Eddie is open to moving the tournament overseas to Saudi or China

But on his son’s comments, Hearn Snr added: ‘He’s an animal! He’s a great operator in the commercial sense. But he knows what snooker means to me. He knows that while I’m around, there is absolutely nothing he can do if I don’t agree with it.

‘There’s a huge amount of money outside of the UK to stage the World Snooker Championship. And I always go for money, but the Crucible is an exception.

‘So give me respect. Help me to do what I want to do and I won’t be outrageous in my demands.’