Money being invested into dining service, events
By Maria Rocha-Buschel
While the historic Players Club on Gramercy Park has been struggling for the last few years with controversy over financial mismanagement, changes in administration and over $4 million in debt, the new administration has quietly been working on adjusting course to increase revenue and get programming back on track.
The club did not pay off the debt outright, but President Arthur Makar said that they were able to obtain an $8.5 million loan through a single lender and will be using the money to revitalize the club and increase revenue. The loan came from the Terrapin Lending Company, which issues loans to small businesses.
“We were in debt up to our ears,” Makar said. “Through (club treasurer Michael McCurdy’s) good work, we did something that everyone said was impossible to do: find financing to move us forward.”
Town & Village reported in 2014 that the club was considering selling off artwork to deal with some of the debt, including a valuable John Singer Sargent painting of actor Joseph Jefferson, but Makar said the club luckily did not have to resort to this tactic.
“We’re proud we ended up not having to consider selling the Sargent,” said Michael Barra, chair of the the managing committee and executive committee of the Board of Directors. “If the financing hadn’t come through, we would have been in dire straits but we were even able to lend the painting to the Metropolitan Museum of Art. They recently returned it so he’s back in the clubhouse where he’ll be for all time. The club has not and will not be selling any of our artwork. It’s not fiscally prudent.”