Wichita ? Old Cowtown Museum, a living history museum in need of repairs and renovation, may get a new owner as city officials consider whether to terminate its lease and take over operations.

“This has been worked on a lot,” said council member Sharon Fearey. “The board and the city all feel we are where we need to be. We are ready to move forward to a new and bright day.”

Negotiations began Friday night and continued through the weekend.

Cowtown’s board agreed to relinquish financial control of the 57-year-old museum and become an advisory board. It would still provide educational programs and special events and control the artifacts.

City officials are expected to decide whether to assume the operations.

A city inspection report issued in April said the museum needed $360,000 worth of repairs this year and as much as $2.7 million in long-term renovations to protect the public, buildings and artifacts.

“This relieves the board of so much pressure and lets them get back to doing the programming, education and taking care of artifacts,” Fearey said. “They will not have to worry as much about flood drainage and requirements.”

Fearey said the living museum is a historic treasure for Wichita.

If approved, the city would increase the museum’s operational budget from $800,000 to nearly $1.4 million in 2008. Funding would come from the city’s general fund with supplemental cultural arts funding.