Posted Wednesday, June 6, 2007 9:49 AM | Contributed by Jeff
Six Flags intends to buy the city's $52 million interest in Discovery Kingdom theme park, thus ending a multi-million dollar profit-sharing agreement. The park's president announced the company's intentions in a private meeting with City Manager Joe Tanner on Friday, officials said.
Read more from The Times-Herald.
Wednesday, June 6, 2007 10:21 AM
So I am guessing no new coaster for a few years, but I love this park.
BATWING FAN SFA
Wednesday, June 6, 2007 11:40 AM
What with SFI's debt is anyone certain that buying the park right now is such a good idea for them?
Wednesday, June 6, 2007 12:51 PM
This is a very good move all around. Purchasing the property gives SF a bigger cut of the profits not to mention more collateral if they need more loans. It alleviates Vallejo's debt and gives them the ability to get a better bond rating which will ultimately result in cheaper interest rates on loans.
Wednesday, June 6, 2007 2:46 PM
They've put a lot of money into this park and all the reports are coming back very positive. Why not buy the property and get more money.
SFI is really starting to turn around.
Wednesday, June 6, 2007 7:27 PM
The paper changed the article link:http://www.timesheraldonline.com/todaysnews/ci_6073730
Thursday, June 7, 2007 10:53 AM
IF SFI is in such bad debt and had to sell off over a dozen parks, it doesn't make sense that they go into debt that further in hopes that the new park will generate even money to get them out of debt?
Thursday, June 7, 2007 1:15 PM
If the money retained over the course of what would have been the lease and profit sharing term is more than what they would've made while in the agreement, then it makes perfect sense. This is not complicated.
Friday, June 8, 2007 12:04 AM
Well I have to say I think SF got the better end of the deal in the bay area than CF did...excluding Gilroy Gardens of course. That place was phenomenal!