Converse Saves 100 Club

London’s 100 Club looks as it won’t have to close because it’s struck a sponsorship deal with the Converse shoe company.

The historic Oxford Street venue, which has been putting on bands since 1942, was facing closure because it is not bringing in enough money to pay the bills.

Club owner Jeff Horton has revealed Converse stepped in to save the day, but that doesn’t mean the venue will be plastered with the company’s logos and signage.

Converse released a statement saying it shares the club’s love of music and the partnership is a great opportunity to reunite the 100 Club with a generation who experienced history inside its walls, as well as introduce it to a new generation with a vow to bring the best in music to its legendary stage.

Horton has blamed rent increases, rising VAT and alcohol duty for the venue’s perilous financial state. He said “the writing has been on the wall” since the rent increased by 45 percent in 2007.

The club is believed to be spending as much 80 percent of its income on keeping up payments to its landlord and the revenue authorities.

It’s also reportedly lost £100,000 a year for each of the past three years.

Musicians including Paul McCartney, who did a sold-out gig at the 300-capacity venue Dec. 17, Liam Gallagher and Mick Jagger have come out in support of keeping it open.