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. The institution’s board of trustees, chaired by President Donald Trump, has argued that placing his name on the facade might be the only way to avert "certain fiscal collapse."

The trustees also stated that the center will be unable to pay employees or cover maintenance costs within weeks. This assessment was detailed in a 57-page report presented before a special meeting on Tuesday, where the Trump-led board is expected to address the performing arts center's financial crisis and physical renovation needs. The Post reported that board members are recommending the immediate closure of the main building due to escalating costs.

According to The Post, Trump indicated he would assist the Kennedy Center if his involvement was publicly acknowledged. The trustees' report signals "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 newspaper stated.

The Kennedy Center, named in honor of the late US president who championed civil rights, has seen its situation worsen since Trump appointed himself chairman early in his second term. In December, a board he selected voted to rename the venue the “Trump-Kennedy” Centre, a decision later blocked by a court.

In reaction to Trump's actions, numerous artists have canceled performances, and US media outlets have reported that ticket sales have dropped to their lowest point since the COVID-19 pandemic. The center was projected to collect approximately $124 million against a budgeted revenue of $220 million for the past fiscal year, resulting in a deficit of roughly $23 million even after significant spending reductions, The Post reported.

A spokesperson for the center attributed the current problems to "financial mismanagement by previous leadership," while also asserting that Trump's name had attracted new donors. The report highlights a significant financial shortfall that threatens the continued operation of the historic performing arts venue.

The potential closure raises questions about the future of arts and culture in the nation's capital and the role of political influence in cultural institutions. The center's financial struggles and the board's proposed drastic measures underscore a severe crisis requiring immediate attention.

Further details are expected to emerge following the board's special meeting, where the fate of the Kennedy Center's main building and its operational capacity will be decided. The outcome could have far-reaching implications for artists, staff, and the public.