‘Bankrupt’ Kennedy Arts Center $15 Million in Debt
The John F. Kennedy Center for the Performing Arts, a national showcase and Washington landmark, is bankrupt, more than $15 million in debt and needs a $30-million renovation, its new chairman said in an interview published today.
“That’s a $45-million nut. It’s bankrupt,” Chairman James Wolfensohn told the Washington Post.
Wolfensohn said he had discussed the crisis with White House Chief of Staff John H. Sununu and was promised Bush Administration support.
“If they don’t come through with the money, I think I’ll probably quietly withdraw,” he was quoted as saying.
He said the center, an independent part of the Smithsonian Institution, as the national museums are collectively known, needs federal funds, more fund-raising by its board and a new administrative structure.
Wolfensohn said the center “sort of slipped into this sad situation” because it lacked focused programming and strong fund-raising by the board.
The Kennedy Center presents performances in theater, music, dance and film. It also houses the national performing arts library.
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