A few things to note when creating your club: A club is created when you claim your podcast. Once you claim a podcast you will be able to create live events.
The first person to claim the podcast becomes the owner and will be the only one who can adjust payout settings.
You will not be able to record and save the event unless you have a subscription.
Settings > Subscription
You will see 2 subscription options, the main difference between the two is one of the options allows you to charge a fee to join your club.
Claiming a podcast is the next step. There is an article about how to do that here:
Now that you've claimed your podcast and picked a plan, you can customize your club. Again, If you don't pick a plan, you may host live events, but will not be able to record and save the high res audio (Sample rate of 48 kHz, bitrate of up to 192 Kbps).
You will need to upload a photo, and choose a title, description, and URL for your club. This is in the settings under club settings.
Settings > Club settings
At any time you can go to settings and change your subscription and make your podcast club a paid one.
Don't forget to include all the perks subscribers will get from joining your club. There will be a website for your club that will display this information for your podcast subscribers.
Your club is now set up. This is what it should look like now: