Asking Price For Sports Museum: $5 Million

March 3, 2009: The Sports Museum of America has put up a "For Sale" sign, with the asking price of $5 million, about 1/20th of its original project cost. The private, "for-profit" tourist attraction may also be relieved of nearly all of its $57 million in debt after the purchase, according to Meaningful Entertainment Group, New York, which is owned by SMA founder Philip Schwalb. The Museum, which includes exhibits from about 60 sports museums and Halls of Fames, opened last May and closed Feb. 20. According to MEG, the museum "struggled without a significant cash reserve, after a $6 million construction overrun and other costs prevented a sufficient marketing, sales and advertising campaign." Surveys showed that 95% of New Yorkers did not know of its existence, despite a marketing campaign at the time of its opening and its proximity to the Statue of Liberty and rebuilding World Trade Center site. "The purchase opportunity is exceptional and unprecedented on several levels," Schwalb said in a statement. "First as a significant 'money-maker' generating sizeable annual income through multiple revenue sources; and second as an opportunity to save a national icon and World Trade Center area revitalization project, by partnering with the greatest names and organizations in sports." The museum is also the official home of the Heisman Trophy and ceremony and houses the first Women's Sports Hall of Fame. I think we have an opportunity here to create a collaborative deal among a suitable buyer, the sports world, the city and state of New York, bondholders, and other stake holders that creates a win-win for all," said Schwalb. Back to Home Page

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