For 22 years, Angelenos have visited a Hollywood theater four nights weekly for a unique form of improvisational comedy.

The city’s longest-running show, ComedySportz, is put on in an “arena” featuring two teams of actors – one dressed in blue, the other red – who test each others’ wits by performing improvisational routines suggested by the audience.

“It’s not comedy about sports but comedy as sports,” explained James Thomas Bailey, artistic director of the company that shares its name with the show. “When you come you feel like you’re at a ballgame, except that comedy’s being thrown around instead of a ball.”

By the end of next month, however, the curtain could permanently drop on the unusual theater troupe founded in 1988. That is unless enough tickets are sold to stave off the financial crisis.

“Their not surviving would send a terrible signal to other arts organizations,” said Douglas Clayton, program director at LA Stage Alliance, a non-profit aimed at supporting performing arts in greater Los Angeles. “This is a longstanding pillar of the community and a staple for family comedy.”

The funding crisis has not been caused by falling ticket sales – which have remained steady – but a slowdown in corporate bookings traditionally responsible for nearly one-third of the company’s annual income, which Bailey describes only as “over $100,000.”

Surprisingly, ComedySportz is not booked for parties but rather corporate training that teaches employees teamwork, innovation, communication, leadership, problem-solving and trust – the same skill sets used in improvisation. Clients have included Walt Disney Co., Sony USA and Nestle USA. But those contracts started drying up in 2008 as the recession crimped corporate spending.

For the past two years, the theater company – which employs four full-time administrators and about 60 part-time actors – has been surviving mainly on credit and savings.

“We’ve been waiting for the improvisational comedy bailout,” Bailey quipped, “but it’s never come. So we got tired of the economy controlling us and decided to stand up to the economy.”

The company is adjusting its business plan to diminish reliance on corporate income and increase reliance on ticket sales. To encourage more attendance, the company is selling tickets, normally priced from $10 to $19, online at discounts of up to 50 percent. It’s also considering adding more shows to the six offered Thursday through Sunday.

“We certainly have room to grow,” Bailey said.