In a closed-door meeting last Wednesday, board president Johnnie Planco informed members of the historic Players Club that, with the club roughly $4 million in debt, its famous 16 Gramercy Park South townhouse might have to be put on the market. While the club has been plagued by financial woes for decades, its problems seem to be coming to a head — a lien (of which Planco claims no knowledge) has been placed on the property, which owes $250,000 in back taxes as well as other assorted debts. Its facade is crumbling, with no money to make repairs, and, frankly, things are looking pretty dire. According to Arlene Harrison, the iron-fisted ruler of Gramercy Park, the end is near.
There will be last-ditch efforts ("creative fundraising strategies") made to save the club, which may include renting its rooms for meetings and parties (and actually charging money this time), using the building for film shoots, and selling naming rights of the rooms to major film studios. Things don't look good, though. Planco is the only remaining member of the executive board after the others all recently resigned, and he apparently ended last week's meeting before a vote to remove him could be called, later telling DNAinfo, "I think everyone is on the same side: let's get the club back to where it where it belongs."
· Doomsday Scenario Would Sell Debt-Ridden Players Club's Gramercy Park Home [DNAinfo]