Museum Uses Naming Rights to Cancel Debts
Posted March 11, 2008
Raleigh, N.C. — A local museum is using its new name to get out of debt.
Exploris owed nearly $5 million to several banks, and Wake County commissioners on Monday approved a plan to sell naming rights to various parts of the museum in exchange for the debts to be forgiven.
Wachovia purchased the naming rights for the IMAX theater at the museum, now known as Marbles Kids Museum after a merger last fall with Playspace, another downtown children's attraction.
The county owns the downtown museum where the museum and theater are housed, and hotel and meals taxes help fund their operations.