The Hasty Pudding stage has seen its share of glitter, feathers and sequins over the years, as home to the Hasty Pudding Theatricals' annual drag burlesque extravaganza.

But all that glamour has taken its toll, and as the Faculty of Arts and Sciences (FAS) sits poised to assume ownership of the Pudding building, the 124-year old theater on Holyoke Street is in dire need of renovations--paid for from Harvard's coffers.

Dean of the Faculty Jeremy R. Knowles said last Friday the planned renovations to the Pudding building will likely cost somewhere upwards of $10 million dollars.

Renovation plans will include a social space and new rehearsal rooms, and unlike any other performance space on campus, the theater will be supervised directly by the College.

The Institute of 1770--the graduate board of Pudding Theatricals, the Pudding social club, the Krokodiloes and the Pitches--signed a letter of intent last week stating it will transfer ownership of the Pudding building to FAS. In exchange, Harvard will forgive the group's significant financial debts to the University.

But Harvard isn't getting the Pudding for nothing.

The building needs extensive structural, electrical and plumbing work, said David P. Illingworth '71, associate dean of Harvard College, and it will have to be made handicapped accessible.

A start time for renovations has not yet been set.