Colston Hall could be run by a trust within 18 months, as Bristol City Council continues to look at other organisations to run its main cultural attractions.

The council is considering a number of options for who should run the 142-year-old venue, much like its ongoing review of the museums service.

The council feels changing the guard could help fund the final two phases of the hall's redevelopment, following the completion of the £20 million foyer earlier this year.

Restoring the main hall to its former 1950s glory would cost a further £20 million at least, but so far the council has not a penny towards it, and in the current economic climate securing arts funding is becoming more difficult.

Privatisation of the Colston Hall has already been ruled out, and the council wants it keep the wide diversity of acts, from jazz to heavy metal, hip hop to classical.

Some of the biggest names in popular music have played at the Colston Street hall over the years, including The Beatles, The Rolling Stones and Bob Marley.

The governance options include a stand-alone trust or a community interest company, the latter is a new term for a not-for-profit social enterprise.

Option two is a partnership, potentially involving other cultural organisations in the city like the Arnolfini or Watershed, although they have yet to be approached.

Benefits of this might include a shared box office for all the Bristol arts.

The final choice is a music trust for Bristol that would cover the running of Colston Hall and much more.

This trust would be an umbrella for the development of music across the city and might involve music education and people working in the Bristol music scene commercially.

Jobs could be lost as a result of any move from the council, with a staff review described by the man reviewing the options as "inevitable".

A trust would also be able to change the name of the hall, which could re-ignite the debate over whether it should keep the name of slave trader Edward Colston.

The news closely follows the announcement the council is looking to hand over the running of the museums service to another organisation, potentially a trust.

In terms of cultural responsibilities, this would leave the libraries service and arts events like the Harbourside festival within the authority's control.

Acting head of the museums service Paul Barnett has been given a new role, to spend the next few months exploring the options.

He said: "We want to find a new governance model for the hall outside of the council. There are three different models and they all have their own pros and cons.

"Having the hall run by the council is more likely to hold it back, if we want to see it finished we need a more contemporary way.

"At the moment funding sources are very difficult, lottery funding is reducing, and the RDA doesn't have that kind of money.

"We do have the expertise in the council, but the way the cultural world is changing we have got to be fleet of foot, make quick decisions and think commercially.

"If you're not going to bring in money, you're not going to survive.

"Increasingly cultural organisations are looking at this CIC model and seeing how it would benefit us.

"A trust is a more conventional model, similar to the Old Vic.

"Colston Hall is the people's venue and needs to provide the best of everything."

The golden foyer was phase one of the hall redevelopment programme, phase two is to restore the former bar and would cost around £5 million.

Currently called "hall two", it has been used for performances since the foyer opened in September but only uses two thirds of the space.

The plan is to return it to the 19th century recital room it originally was.

Phase three would be the restoration of the main auditorium and back stage for £15 million.