On one hand, since Jerry Colangelo, who is the chairman of the Phoenix Suns and former owner of the Arizona Diamondbacks, and served as chairman of the effort to build the museum, I have optimism, for this VERY important Landmark. However,  I wonder why  their Board chose to donate over $6 million for scholarships and charitable causes, instead of first paying off the $8 million mortgage? . 

A tour bus pulls up to the popular spot on Little Italy?s Taylor Street, a baseball-crazy kid leaps onto the sidewalk and then, with bitter disappointment, says: "Where have you gone, Joe DiMaggio?"

Could the National Italian American Sports Hall of Fame, along with its DiMaggio statue in the "piazza" across the street, be about to close up shop? 

A spokesman for the hall " whose 200 inductees include DiMaggio, Vince Lombardi and Rocky Marciano" insisted Wednesday that the landmark institution isn?t going anywhere, even though the not-for-profit is facing foreclosure. 

"Obviously no one wants the hall to close," said Enrico Mirabelli, a lawyer and spokesman for the hall of fame. "No one wants to see Joe DiMaggio?s jersey hanging on a lamp post on Taylor Street. It?s not going to happen. Reasonable people will resolve the issues."? 

Bridgeview Bank group, which holds the mortgage on the hall of fame in the 1400 block of West Taylor, filed foreclosure papers this week in Cook County Circuit Court. According to those papers, the owners of the hall of fame owe the bank about $8.3 million in interest and principal on a loan that matured in early July. Lawyers for the bank could not be reached for comment Wednesday. 

The suit names Jerry Colangelo, a Chicago Heights native, who is a hall of fame inductee and served as chairman of the effort to build the museum. Colangelo is the chairman of the Phoenix Suns and former owner of the Arizona Diamondbacks. 

Mirabelli had not seen the lawsuit Wednesday afternoon and said he could not speak specifically about any money owed to the bank. 

"This is a charitable organization," Mirabelli said. "It?s not immune from the same financial pressures that all charities face today." 

According to its website, the hall of fame has raised "over $6 million for scholarships and charitable causes". The collection of memorabilia includes Marciano?s first heavyweight championship belt, swimmer Matt Biondi?s Olympic gold medals and Mario Andretti?s Indy 500 racecar. 

Several locals interviewed Wednesday said losing the hall of fame would be yet another blow to the ever-shrinking Italian presence in the neighborhood. "It would be like pulling your last tooth", said one long-time Italian-American from the neighborhood..... 

http://www.suntimes.com/news/metro/2544192,
italian-sports-hall-of-fame-foreclosure-072810.article
 

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