NASCAR hall of fame
All racing enthusiast have heard of the NASCAR Hall of Fame and many have even visited it, however not as many as it was originally prospected. Because of this the Hall of Fame appears to be flop and is in serious debt.
The NASCAR Hall of Fame has opened in 2014 in Charlotte, North Carolina and has managed to gather a massive debt in only four years. Being a national landmark the City Council of Charlotte has decided to forgive over $22 million worth of the debt.
This week the council members met with representatives of NASCAR, Bank of America and Wells Fargo and a deal was struck. The city will give the banks $5 million and in return the banks will write off about $18 million worth of the debt - $14 in principal and $3.5 in accrued interest.
This is mostly due to over-estimated attendance. The attendance rate was estimated at 400,000 persons per year and instead it’s somewhere around 170,000, less than half. Another issue was that corporate sponsorships and sales of commemorative bricks have also been below estimates so the two causes put together and backed by a loan from the banks put the NASCAR Hall of Fame in this messy situation.
The whole thing was at a standoff until now seeing how that according to the agreement the bank could only take money from brick sales and sponsorships. So the bank couldn’t make the Hall pay and the Hall didn’t want to pay. However things are all sorted out now and in these conditions the Hall might just break even.