Community music group Loose Music Collective says it has been battling to take over this council-run facility in Lacey Street, Widnes, since it was closed down almost two years ago.
The non-profit-making group secured a £10,000 grant for a sound system - but fear this may now have expired.
Jaki Florek, of Loose Music, said: "We feel that 'Crikey!' is the only printable response at the moment.
"We will call a Loose Music meeting which means that anyone who is interested can come along."
Call 01928-566261 for details.
Council leader, Cllr Tony McDermott, said: "For some time now, Loose has wanted to use the Queens Hall Studio as a live music venue.
"We are now offering them this opportunity and we very much hope they will be successful and achieve something that will meet the needs of the music community."
Loose has been given six months to secure funding, meet statutory requirements and carry out renovation work needed to fulfil requirements.
Developers Marmalade had unveiled multi-million pound plans to create a lavish art deco-style cinema, comedy club and cyber caf in the adjoining Queens Hall. Their plans had included the studio.
Talks about the future of this building are still underway, says the council.
Queens Hall studio can be music venue
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