Monday, March 19, 2007 12:36 PM
According to this news story......
The park has asked the city if they are interested in buying the park.
Monday, March 19, 2007 1:49 PM
If it benefits both the park and the city, then why not? Also, would CF retain a managing partner or whatever they are if the city acquired the park?
Monday, March 19, 2007 4:21 PM
That's the big question. Is cedar fair under contract, and if they are under contract, will it be nullified(sp)?
Monday, March 19, 2007 4:26 PM
I would imagine that the City can keep the management contract OR opt out, at their discretion...
Prob. makes more sense to keep CF around for at least a year...IMO.
Monday, March 19, 2007 4:32 PM
This could get REALLY ugly or really interesting.
A few things could happen here:
1. The city could become a partner wiith CP on the park, maybe the city buys a 30% share.
2. The city buys GG outright and CP has no more libabily with the property
3. The city buys the park, but contracts CP for all maintaince and upkeep.
4. The city backs out and let's CP keep the paark.
Monday, March 19, 2007 5:37 PM
A question I have since there has been multiple discussions about Gilroy Gardens as of late, is who actually owns the park? I know CF is just under a managing contract and doesn't own the physical park, so who does? Is it some sort of board of directors, the bank, or what? Since they're trying to sell it to the city I get the feeling it's not public/city land. Just confused, is all.
Monday, March 19, 2007 7:29 PM
Yeah, I thought the city already owned the park and Paramount/Now CF had a agreement to operate it???
Monday, March 19, 2007 8:04 PM
Essentially the park is owned by a trust that Micheal Bonfante set up. This has been covered in past threads.
Tuesday, March 20, 2007 1:45 AM
So if the city declines, would CF be able/offered to buy the park outright? Or, for that matter, could the city buy the park, and then swing it a year later to CF for a little revenue?
Tuesday, March 20, 2007 7:52 AM
I would think that Herschend Entertainment Company would be a better owner for the park then Cedar Fair.
Wednesday, March 21, 2007 1:43 PM
Some more info on the park sale.
Thursday, March 22, 2007 4:11 AM
No argument, swoosh, except Cedar Fair is a little closer to home given that they have the management contract.
Unless such a sale would void such a contract, it strikes me odd that Herschend would even think about touching it. That would make for an awkward makeup -- owned by one chain, and managed by another. :)