The John F. Kennedy Center for the Performing Arts in Washington, DC, is on the brink of bankruptcy and could close as soon as Tuesday, according to a report by The Washington Post. The newspaper reported on Sunday that the institution is facing imminent financial collapse.
The board of trustees, chaired by President Donald Trump, has argued that putting the president's name on the facade could be the only way to avoid "certain fiscal collapse." Trustees also claim the institution will be unable to pay employees or meet maintenance costs within a few weeks. This assessment was laid out in a 57-page report ahead of a special meeting on Tuesday, where the Trump-led board is expected to consider two main issues: the financial crisis and the physical state of the building, which needs renovation.
The Post reported that board members are recommending the main building be closed immediately due to costs. The paper also said Trump would help the Kennedy Center if his involvement is acknowledged. The trustees' report represents "a remarkable new phase in Trump's takeover of the Kennedy Center, which has been engulfed by financial turmoil, leadership upheaval and litigation since he installed himself as chairman last year," the paper said.
The Kennedy Center was named in honor of the late US president who championed civil rights before he was assassinated in 1963. Trump placed himself as chairman shortly after beginning his second term last year, and in December his hand-picked board voted to rename it the "Trump-Kennedy" Center, a move later blocked in court. In response to Trump's takeover, a host of artists have cancelled concerts, with US media reporting that ticket sales had fallen to their lowest levels since the COVID-19 pandemic.
The Post reported that the center was expected to collect about $124 million of the projected $220 million in revenue it had budgeted, "leaving a roughly $23 million deficit even after substantial spending cuts" this past fiscal year. It added that a spokesperson for the center blamed the problems on "financial mismanagement by previous leadership" and said Trump's name had attracted new donors.
Source: www.aljazeera.com