Hollywood financier Chip Seelig, who’s recently backed “Deadpool & Wolverine,” “Poor Things” and “Avatar: The Way of Water,” is betting big on bringing movie magic to the circus ring.

Seelig’s banner TSG Entertainment is spearheading “Come Alive! The Greatest Showman Circus Spectacular,” a new theater experience inspired by the 20th Century Fox film “The Greatest Showman.”

“The Greatest Showman,” released in 2017, tells the fictionalized version of the story of P.T. Barnum (Hugh Jackman), a showman who created a circus spectacle that became a sensation. The film became a cultural phenomenon, grossing over $435 million worldwide and earning a loyal fanbase. Its soundtrack, featuring hits like “This Is Me,” “Come Alive,” “A Million Dreams,” and “Greatest Show,” became an instant classic, topping charts and winning numerous awards.

“I have been in love with this IP from when I first heard the idea. As a financial services provider to studios we’re a passive vehicle for the most part, so we try to create structural elements that help our partners run their business. So one of the capacities we’ve always had in our deal is to increase our risk,” Seelig tells Variety, recounting TSG’s early involvement with the film’s financing.

“We’re a portfolio, we’re not a public company, so we can afford more volatility. So when Fox came to me and said, ‘Look, we have this idea for a movie. We think it’s really risky. We want to know if you’d be interested in taking more exposure to the movie,’ I said, ‘Sure, let’s understand what it is.’ And so we looked into it. We understood what the movie was. We got super excited,” Seelig adds.

Seelig noted the initial risk factors, including the then-unknown status of songwriters Benj Pasek and Justin Paul. “In 2015 nobody had ever heard of them. They were up and coming, maybe, but no track record,” he explains. “Obviously, now they’re two of the strongest players in Broadway, no question, in musical theater, but we didn’t know that they were.”

“Come Alive!” is significantly different from the planned Disney stage musical adaptation, which is currently in development, Seelig says. “One of the things TSG is trying to do is in-world experiences. So although we are doing a theatrical show, our theatrical show is set within a circus. So you’re going to see a story, there’s a love story, there’s family reunification, the same themes as the movie, but the movie itself is a live experience, and a Broadway show is what Disney’s doing,” Seelig says. “So that will look just like the movie. You’re gonna have Charity and Barnum, and you have the kids and all the songs, and they’ll even probably be new songs in there. What we’re trying to do is create an updated story that leans into the themes of the movie – love story, family reunification, but is set today, and then the backdrop the story is told in the context of a circus.”

The production features a blend of circus performers, singers and dancers. West End performer Simon Bailey takes on the lead role of a modern-day showman, while newcomer Aaliya Mai makes her professional debut as Max, a shy young roustabout. The cast includes veterans from productions like “Moulin Rouge!,” “The Lion King” and various Cirque du Soleil shows.

Creative director Simon Hammerstein, known for producing Usher’s Las Vegas residency, is at the helm. The creative team boasts credentials including Olivier-nominated music producer Matthew Brind and Emmy-nominated lighting designer Adam Bassett.

“Come Alive!” is opening at a new London venue, the Empress Museum in the Earls Court area, rather than in the city’s West End where musical plays traditionally open. The decision was partly driven by practical considerations. “The average height of a circus tent is 35 feet,” Seelig says. “I can’t really operate if I want to run my play inside a circus. I need a bigger space.”

Earl’s Court’s history also played a role in the location choice. “We liked the history of Earl’s Court – first World’s Fair, lots of really cool things that happened there,” Seelig says. “Us opening the new Empress Museum and Empress Place to hold ‘The Greatest Showman Circus Spectacular’ fits the history of the location as well.”

The production aims to create an immersive experience for audiences. “When you come in to the theater, you’ll start in a museum. But then when you enter the space, the first thing you do is it’s called the zoetrope bar,” Seelig says, referencing a key prop from the film. “We’re sending a message, you’re entering the world.”

While the show features music by Pasek and Paul from the original film, including hits like “This Is Me” and “Rewrite the Stars,” the story has been updated. “It’s the same themes. It’s exactly the same music. Captures the same emotions, but the story is different,” Seelig says.

Looking ahead, TSG is considering touring options. International expansion is also on the table, with Seelig noting the music’s universal appeal. However, he cautions, “You have to be a little careful with stories in English. The whole world doesn’t speak English, so that’s going to have some impact on how we do it and where we tour.”

Previews of “Come Alive! The Greatest Showman Circus Spectacular” begin Sept. 27, with the show opening Oct. 16.