GREENWICH Council is being asked to spend some of its £297,000 festival funding on helping to save Blackheath Conservatoire.
The 132-year-old centre needs to raise £75,000 by the end of this month to avoid closure.
This week, Greenwich Council cabinet member for culture Peter Kotz approved funding for a series of festivals in the borough.
But Greenwich Conservatives have put forward a plan to halve the £80,000 grant to the Greenwich and Docklands International Festival, giving £40,000 to the conservatoire instead.
Their idea would also see scholarships for poorer students at the venue using £13,400 from the £26,800 given to the Greenwich Outdoors music programme.
Tory leader Councillor Spencer Drury said: "The Blackheath Conservatoire hopefully needs only a little help to make the transition to a new business model and the council could provide that by reducing spending on the Docklands Festival this year."
To find out more about the conservatoire visit their website.