Open less than a year, the Sports Museum of America has shut its doors. Cost overruns on construction were just part of the problem.
There was plenty of pre-opening hype, but the Sports Museum of America never quite caught on with tourists or locals in New York. At least not enough of them apparently came through to keep the place open.
The Museum closed Friday.
Located on Broadway, the Museum was home to the Heisman Trophy award presentation. The Museum had dropped its admission prices from $27 to as low as $10 in recent weeks.
David Warburg, the lead lawyer on the unsuccessful effort to restructure the debt, told the New York Times that the facility would probably liquidate its assets and return memorabilia to the owners.
So just how did this $93 million museum wind up in financial trouble so quickly? Read on.