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Barry Hearn has held positive talks with Sheffield City Council over the World Snooker Championship staying at the Crucible beyond 2027 but says the deadline for a firm decision will come in December.
The contract to stage snooker's blue-riband event at the Sheffield theatre which has hosted it since 1977, expires in two years.
Matchroom Sport president Hearn, 76, is heavily involved in negotiations over its future has repeatedly called for a greater financial commitment and improved facilities at the venue.
"We all want to stay here but it has to be a combination," Hearn told BBC Radio 5 Live.
"I am a little bit more hopeful after meeting Sheffield Council - the positivity and the enthusiasm I saw makes me think there is more than enough chance we can stay here.
"Sheffield have got a lot of ideas, we're going to meet in three months and we're working to an agenda of knowing more or less where we are by the end of this year.
"Obviously if we do move - and it's not something we want to do, I keep stressing that - we need two years to get it planned properly."
The Crucible's 980-seat capacity which limits ticket sales and overall revenue has long been seen as a problem for the sport, particularly set against ambitions to raise prize money for players.
China and Saudi Arabia have been linked with bids to stage the tournament, which Hearn also says would sell out with increased capacities at other major cities in Britain like, Glasgow, Manchester and London.
This year the world champion will receive a top prize of £500,000, an amount that is also on offer at the Saudi Arabia Masters.
He also pointed out that next year's PDC world darts champion will collect £1m.
However, Hearn also stressed that the need for growth and increased finance is not necessarily linked to those factors alone at a venue with which he has a long personal attachment to.
"My life changed at the Crucible in 1981 when Steve Davis won the World Championship. I've been here every year for the past 48 years," he added.
"Our heart is here, our life is here, the history is here. I think compromise is in the air on both sides and we can do something that maintains the event here and at the same time produces much needed finance to go back to the players.
"We've just got to find that additional bit of assistance, which hopefully is going to be government-led, in terms of keeping our events in this country. Sheffield is the ideal home for snooker."