Sports Museum of America closes, seeks buyer
Posted By ap 10 months, 1 week ago in SportsNEW YORK (AP) — The Sports Museum of America closed Friday after nine months but could reopen if a buyer is found.
The for-profit museum opened in May in Lower Manhattan and was billed as the first of its kind in the U.S.
Without a buyer, its collection will be dismantled in the next few months, founder and chief executive Philip Schwalb said. All its memorabilia is on loan from individuals and sports organizations.
The board of directors is seeking $10 million, which would cover the museum's debts. Among the groups Schwalb is approaching is Magic Johnson Enterprises.
If there is no buyer, the Heisman Trophy will again need to find a new home. The museum housed the Heisman and the Billie Jean King International Women's Sports Center.
Schwalb had hoped to draw 1 million visitors in the museum's first year but was falling short of that goal. He blamed an insufficient marketing budget. Many of the museum's investors worked on Wall Street, he said, so it became harder to raise money once the financial crisis hit.
Construction costs also ran over by $5 million.
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By now you're probably trying to figure out the identity behind those cryptic initials. Alan Parsons? Alexia Prichard? No, they stand for Associated Press ...
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