By Sabina Mollot
Prior to the reopening of The Players after its traditional summer hiatus, club brass was focused on money-saving moves, such as a couple of key employees being let go, including the general manager, and paring down the club’s dining service, which is now for events only. Otherwise only the bar will remain open for business on a regular basis.
Reached earlier this week, Club President Arthur Makar said the club is still trying to dig its way out of the serious financial hole it’s been in, and is also considering selling a valuable John Singer Sargent painting of actor Joseph Jefferson to raise money.
Makar said the current debt is around $3.5 million, but said the club was also re-evaluating its profit and loss on events, both for members and external ones in which hosts pay rent to the club for the space. Additionally, in recent months, the club’s event organizer was fired, with Makar explaining the club just couldn’t afford to keep him.
“One of the reasons The Players has been in such bad shape over the years is that we’ve never looked at, as well as we should, what it costs to run the events we were holding,” said Makar. “We have to at least break even on the member events and we have to at least make a little bit of money on the events run by people from the outside. In that case, we’re not different from any other club.”