July 18th 2023.
The Gathering Spot, a members-only club for Black professionals, made headlines recently when they announced that Mike McCloskey, a white man, would be their new Chief Financial Officer. This news prompted members of the private club to question recent changes to the club since it was acquired by Greenwood Inc.
Now, founders T’Keel “TK” Petersen and Ryan Wilson have filed a lawsuit against Greenwood Inc., alleging that they have breached the purchasing agreement by replacing C-suite level executives and have failed to pay them money they are owed.
The Gathering Spot was created as an alternative to other private clubs that often discriminate based on race and has gained popularity with Black professionals. However, recent changes have left members feeling disillusioned with the club, causing many to consider ending their memberships. Van Lathan, a former TMZ personality and founding member of the Los Angeles location, expressed his disappointment on Instagram. “I joined this one because it was Black-owned, Black-run, and Black Black,” he said. “Firing a founder and adding a white dude to the C-suite is at cross purposes with everything I joined for.”
When the club was initially acquired by Greenwood Inc. in 2022, Wilson and Petersen saw it as an opportunity to empower the Black community with financial resources. Wilson said, “Joining with Greenwood is a commitment to our community, and we share Greenwood’s vision in empowering people and helping them to build opportunity and generational wealth.” Greenwood paid $50 million to acquire The Gathering Spot and promised an additional $5 million earn-out payment if the club reached $15 million in revenue.
However, Greenwood executives now claim that Wilson and Petersen were not transparent about The Gathering Spot’s valuation at the time of the acquisition. This has left many members feeling betrayed and questioning if the club’s original mission of supporting the Black community will still be fulfilled.
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