The NASCAR HOF’s projected revenue from sponsorship commitments "is declining significantly," dropping from $1.5M in '12 to $110,000 for the fiscal year starting in July, according to a front-page piece by Steve Harrison of the CHARLOTTE OBSERVER. The loss of sponsorship revenue "could further explain why Bank of America and Wells Fargo recently agreed to a deal in which they would forgive" $17.6M in interest and principal from a $19.1M HOF-related loan in exchange for a $5M payment. The loan "was to be paid back from the sale of commemorative bricks and sponsorships, and the banks had no other source of collateral." But unless the NASCAR HOF "is able to increase sponsorships, that 40-year window outlined by the city would have been a mirage." The HOF "also has financial obligations to its sponsors, which include free facility rentals and tickets." Charlotte Regional Visitors Authority CEO Tom Murray said that the HOF "is focused on selling new sponsorships to help its bottom line," but added that "it will be a challenge." Murray: "We don’t think we will be selling sponsorships at the $1 million range." Some of the NASCAR HOF's initial partners, such as Belk, Sunoco and M&M, "have let sponsorships expire" (CHARLOTTE OBSERVER, 1/29).
