Nashville Symphony Plans Restructuring Amid Financial Crisis After Benefactor's Death
The Nashville Symphony is currently crafting a plan to restructure its finances due to a serious cash flow issue that threatens its operations. The executive committee is on it, and more specifics will be shared soon, as a spokesperson mentioned. The financial strain intensified after the passing of Martha Ingram, a key supporter, in August at the age of 90. Back in 2013, she had saved them from a foreclosure by taking on a $20 million mortgage with the Schermerhorn Symphony Center as collateral. They’ve restructured this mortgage three times, and just this past May, they extended the loan’s due date to July 2035. The symphony has faced financial difficulties since the 2010 Great Flood, which caused $40 million in damages, and COVID-19 led to over $10 million in lost revenue. Recently, they laid off several staff members, including four vice presidents in July 2024. Mark Cantrell took over as CEO in July, while Leonard Slatkin was announced as the music director through the 2028-29 season, having previously served from 2006 to 2009. The symphony’s goal is to become a more resilient organization.
Key facts
- The Nashville Symphony is facing a significant financial challenge and lacks sufficient cash to sustain operations at its current level.
- A restructuring plan is being developed by the symphony's executive committee, with details to be shared in the near future.
- Martha Ingram, a main benefactor, died in August at age 90, heightening financial concerns.
- In 2013, Ingram assumed a $20 million mortgage through Symplace Realty Co., preventing a foreclosure auction; the Schermerhorn Symphony Center serves as collateral.
- The mortgage has been restructured three times, and in May, the due date was extended by five years, with maturity in July 2035.
- The Great Flood of 2010 caused about $40 million in damages to the Schermerhorn Symphony Center.
- COVID-19 led to over $10 million in lost revenue for the symphony.
- Recent layoffs include four vice presidents and six junior staff in July 2024, and eight employees in April 2025.
- Mark Cantrell was named CEO in July, succeeding Alan Valentine.
- Leonard Slatkin was announced as music director through the 2028-29 season in February; he previously held the role from 2006 to 2009.
Entities
Artists
- Martha Ingram
- Mark Cantrell
- Alan Valentine
- Leonard Slatkin
- Giancarlo Guerrero
Institutions
- Nashville Symphony
- Schermerhorn Symphony Center
- Symplace Realty Co.
- Nashville Business Journal
- Nashville Post
- Nashville Scene
Locations
- Nashville
- United States