The new money of Russia that has helped transform the finances of the Bolshoi Ballet was out in force to celebrate the opening of their 51st season in London.

A company that faced instability and financial uncertainty with the collapse of Communism when many dancers flooded West has been revitalised.

Boris Yeltsin, the former Russian leader, kick-started a programme of investment to save a company he regarded as a national treasure and which he passed a law to protect.

International friends of one of the most famous companies in the world have been joined in supporting it by the growing band of newly wealthy Russian oligarchs.

The chatter in the foyers of the Coliseum, normally home to the English National Ballet and the English National Opera, was evidence last night that many had turned out for the opening of the season by a company said to be in better financial shape than ever.

The ongoing importance of the Bolshoi to the Russians should not be under-estimated.

The country's television station considers the visit to London so important its camera crews were on hand to record the occasion.

In addition, Yury Fedetov, the Russian ambassador, hosted a reception after the opening night. At a time when diplomatic relations between Britain and Russia have been tense in the wake of the Alexander Litvinenko affair, the ambassador said contact in the sphere of the arts must continue.

"The performances of the Bolshoi Theatre in London are very important in bringing our two nations closer together.

The contact in these areas must continue regardless of any complications on a political level," he said.

"It has already become a tradition for the Bolshoi to come to London in July and August. Last year we celebrated our 50th anniversary of the first Bolshoi visit to London in 1956.

"This visit is opening a new 50 years. We're very hopeful that we're going to celebrate the centenary of this event."

Despite some reservations from critics about Le Corsaire, the grand new production that opened this summer's three-week residency, its scale demonstrates the ambition of the Bolshoi these days. The show, dubbed Pirates of the Caribbean en pointe, is based on the original 19th century designs for this pirate drama adapted from a poem by Lord Byron.

It is vast. There are 500 different costumes and around 160 people on stage at its peak. The finale involves a 36-foot long ship weighing more than a tonne, so heavy the stage at the Coliseum had to be reinforced.