As reported this week in Britain's the Guardian, the museum faces a 800,000 euros ($1.1 million) hole in its 2011 accounts. Projected losses could reach 11 million euros in the next three years. Italy's cultural minister has reportedly begun proceedings that could lead to the Maxxi being put under special administration, in effect shutting it down.
A decision is expected to be made within 20 days. The Maxxi, in Rome, is a national museum dedicated to contemporary art, featuring pieces by a number of top artists. Hadid's design for the building received the Stirling Prize for architecture in 2010.
Earlier this month, the Italian government appointed a commissioner to take control of the foundation that runs the museum, a move that enraged the foundation's board of directors, according the Art Newspaper.
Italy's museums have been pummeled by cuts in funding as the country grapples with a severe economic crisis.