NASCAR Hall of Fame in Charlotte sees sponsorship revenue fall sharply

CHARLOTTE, N.C. – The NASCAR Hall of Fame's sponsorship revenue has dropped sharply in the past few years.

The Charlotte Observer reported (http://bit.ly/1z6wQC4 ) reported that sponsorship revenue has dropped from $1.5 million in 2012 to $110,000 for the new budget year starting in January.

Tom Murray with the Charlotte Regional Visitors Authority says the Hall is focused on selling new sponsorships. But Murray told the newspaper it will be hard to sell sponsorships in the $1 million range.

Attendance has been far less than expected. The hall was expected to attract about 400,000 visitors each year. Last year attendance was about 170,000.

Bank of America and Wells Fargo recently reached a deal to forgive nearly $18 million in loans in exchange for a $5 million payment to help the hall's finances.

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Information from: The Charlotte Observer, http://www.charlotteobserver.com