Yes Don, sadly it's gone to make way for the athletes village (they also took the old QGPC Offshore housing compound).
They have talked for years of building a replacement club behind the offices at Ras Abu Abboud but that's all they do.....talk.
I believe they may have to come to some arrangement with local clubs regarding a reduced membership fee but again am not sure.
Of course with the FC having gone there is now nowhere to host visiting artists or events and the subsidised club catering has now also disappeared. There may be an opportunity to use the Gazelle Club but personally I wouldn't bother.