The non-profit organization that operated last month’s Tacoma Tall Ships 2008 ran the festival at a $500,000 deficit, its co-chairman said Thursday.
But the Tacoma Tall Ships Organization has no plans to declare bankruptcy or seek a bailout from the city, Stan Selden said.
"Our ticket sales were not what we forecasted. Our expenses were less than we forecasted," he said. "But the ticket sales, combined with free tours of the Eagle – we just did not have the income. And that’s something we couldn’t have known until the event happened."
About 300,000 people attended the event, which ran July 3-7. That number is 100,000 lower than the original estimate, and lower than organizers were hoping. Poor weather during the event was likely a large factor in the turnout.
Admission to the U.S. Coast Guard Eagle, the 266-foot three-masted barque that was the main attraction of the event, was free, but boarding passes were required to visit the dozens of other ships moored in the Thea Foss Waterway.
All of the organization’s creditors will be paid, Selden said.
"We’re not running away from the problem," he said. "There are various ways to solve these kinds of problems in the non-profit world, and we’re exploring three or four of those simultaneously as we move forward. No one likes to face up to these problems and make these kinds of phone calls, but we feel it’s our obligation."
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