The city of Amstelveen intends to discontinue the annual subsidy of 1.2 million euros to the struggling Cobra Museum starting from next year. Due to the increasing debt burden, the municipality no longer deems it responsible to support the museum with public funds.
The Cobra Museum has been facing financial difficulties for some time. An investigation by the municipality reveals that the museum of modern art has only turned a profit for two out of the past twenty years.
"The financial problems of the museum are the result of years of risky management practices, where problems were recognized too late, and solutions were insufficiently pursued," according to the city. A deficit of 700,000 euros is expected for this year.
The museum has been granted a deferral of payment for all outstanding and future claims from the municipality until December 2023. The remaining subsidy amount for this year will still be disbursed. The municipality hopes to spare the museum's employees and volunteers in this way, as reported by NH Nieuws. Additionally, the municipality aims to provide the museum with the opportunity to reorganize or file for bankruptcy.
The discontinuation of the subsidy will be discussed in the municipal council this evening, with a decision expected to be made one week later.
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