ISTANBUL: The Kennedy Centre for the Performing Arts in Washington, DC, is on the brink of bankruptcy and could close this week, Anadolu Ajansi reported, citing US media on Sunday.
The institution, one of the capital’s landmark buildings, could be nearing financial insolvency, according to the centre’s financial records obtained by The Washington Post.
According to the report, new officials appointed by President Donald Trump said the financially troubled centre could close its doors sometime this week and suggested that adding Trump’s name to the centre could be “the only way to avoid bankruptcy”.
The officials said that after Trump’s name was added to the centre, the president could accelerate fundraising efforts on its behalf, potentially saving the performing arts institution.
A 57-page report distributed to members of the board of trustees last Tuesday painted a bleak picture of the centre’s finances and current financial condition.
Center officials said that without a quick solution, they could be unable to pay staff salaries and cover routine maintenance contracts “within a few weeks”.
The officials argued that publicly honouring Trump could secure his help in raising enough money to keep the institution afloat.
In February this year, Trump first proposed closing the centre for two years, saying that an empty building would allow teams to complete renovation work more quickly.
The board of trustees approved the plan in March.
In May, however, US District Judge Christopher Cooper blocked the closure, ruling that the board had relied on insufficient information and had not adequately considered the consequences.
The board was allowed to reconsider the issue after conducting a more comprehensive review.
The board of trustees met on Aug 13 and approved a two-year closure as part of an approximately US$250 million renovation project.
Trump also took steps in May to rename the centre the “Trump Kennedy Centre”, but the initiative was thwarted by Judge Cooper, who ruled that “only Congress can change the name of the centre”.
— BERNAMA-ANADOLU
