US Kennedy Center faces bankruptcy, Washington Post reports

Board of trustees recommending that the main building be closed immediately due to costs, US newspaper reports.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, The Washington Post has reported.According to the report in the United States newspaper on Sunday, the institution’s board of trustees, of which President Donald Trump is the chairman, has argued that putting the president’s name on the facade could be the only way to avoid imminent and “certain fiscal collapse”.Recommended Stories list of 3 itemslist 1 of 3US will scrap Irish whisky tariff, Trump sayslist 2 of 3US Envoy Jared Kushner says Doha attack left Israel ‘globally isolated’list 3 of 3Charlie Kirk statue vandalised outside Turning Point USA headquartersend of listThe trustees also say the institution will not be able to pay employees or meet maintenance costs within a few weeks.The assessment was set out in a 57-page report before a special meeting on Tuesday, when the Trump-led board is expected to consider the two main issues affecting the performing arts centre: A financial crisis and a physical one, as the building needs renovation.The Post reported that board members are recommending that the main building be closed immediately due to costs.The ⁠Post 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 honour of the late US president who championed civil rights before he was assassinated in 1963.Trump placed himself as chairman of the Kennedy Centre shortly after beginning his second term last year, and in December his hand-picked board voted to rename it the “Trump-Kennedy” Centre, 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 centre was expected to collect about $124m of the projected $220m in revenue that 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 centre blamed the problems on “financial mismanagement by previous leadership” and said Trump’s name had attracted new donors.