Faced with "continuing financial losses" at the NASCAR HOF, the city of Charlotte "has begun negotiating with Wells Fargo and Bank of America about forgiving" a $19M loan used to build the museum, according to a front-page piece by Harrison & Frazier of the CHARLOTTE OBSERVER. The loan -- which has grown to $21M with interest -- "was supposed to be paid from the sale of sponsorships and commemorative brick sales, but revenue from those two sources has fallen far short of what’s needed." The HOF also is "struggling to meet other obligations, including royalties owed to NASCAR on the sale of tickets, merchandise and food and beverages." The venue also is "repaying the city" for its share of a $32M loan that "was added to the hall in the midst of construction" in '08. The Charlotte Regional Visitors Authority "is optimistic that the hall’s finances are stabilizing, as attendance has essentially leveled off." Attendance for the '13-14 period "was 169,724, down from 176,838 visitors" in '12-13. The CRVA "had originally estimated the hall would attract about 400,000 visitors annually." NASCAR HOF Exec Dir Winston Kelley confirmed Wednesday that the venue "is trying to restructure its debt." Kelley: "We have talked to all of the parties about the best way to do it" (CHARLOTTE OBSERVER, 11/8).
