The Dublin St club's 900 members have been called to a special general meeting at 1pm on Sunday, March 16, where options for the future use of the building will be discussed, which could include leasing it out to a hospitality business.
The members received an email this week outlining why the club will close.
A member of the club's governance group, Steve Gallop, said the club was still functioning.
But the governance group received a minimal response to a recent appeal for support, which forced them to consider the next steps.
The meeting topics will include when the building will close and whether it would be leased, sold outright or turned into a "community centre".
The members will also need to determine how any remaining club assets are distributed and whether a trust would need to be formed to manage the building if it was leased.
Gallop said one option was to "retain the legacy of the club by protecting the building" so it could be used by the community.
The governance group has expressed a preference for leasing the venue as a community hub or long-term hospitality venue, rather than seeing it repurposed or demolished.
It said the building could still "live on as a neighbourhood pub, restaurant, gaming, entertainment, live music and function venue".
Members will also have a chance to propose alternative ideas to keep the club going but the current financial situation would make this difficult.
"Despite (our) best efforts, there is not enough support for the club to remain open. We understand circumstances can change, but the lack of engagement and involvement from the broader membership base has ultimately led to this decision."
