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Report: NASCAR Hall of Fame in Charlotte still struggling financially
NASCAR's grandiose Hall of Fame, which opened in Charlotte in 2010, is continuing to struggle financially according to a new report by the
Bloomberg
news agency, which says the museum, which cost $192 million, is drawing fewer than half the visitors forecast, leading officials last month to use $5 million of public funds to settle bank loans."It was a bad deal for the taxpayers," said Kenny Smith, a Charlotte City Council member who opposes the public funding of the museum, told Bloomberg. "The city invested taxpayer money based on faulty assumptions that didn't come to fruition."
The city of Charlotte, which owns the HoF, sold about $137 million of municipal debt in 2009 as part of the financing.
Read Bloomberg's full story
here
.
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