Windsor Ex-Services Club closes its doors on Sunday.
But chairman George Kermack said this week he hoped a new club would soon be built in its place, thanks to a deal being negotiated with an unnamed developer.
He said: "The current building has got old and needed a lot of money spending on it - money we haven't got.
"There are about 215 members now but membership has nose-dived. Some elderly members have gone and we don't offer what some younger ex-servicemen want."
The existing club was built in 1918 and its function room is used by organisations like Windsor Fringe Festival which stages plays there.
But Mr Kermack hopes that the current discussions with the developer will solve everyone's problems, enabling a more compact and modern ex-services club to be built on the site of the existing one. Homes would be constructed on the land at the back.
He said it had been hoped the final agreement with the developers would be signed this week but details were still being negotiated.
He said: "The old building has become an eyesore. Hopefully the new club will be two storeys high with a function room upstairs as that is a major source of income for us."
Mr Kermack, who served with the Scots Guards at Victoria Barracks and Germany between 1966 and 1972, said he hoped a planning application would go in soon and that a new club might be up and running within nine months of work starting.
In the meantime members of the Ex-Services Club will be meeting at the social club in Alma Road.
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