Rollercoast19 Posted March 10, 2009 Share Posted March 10, 2009 No, they are not considering selling Canada's Wonderland. They are, however, considering selling some of the excess land up there. Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted April 2, 2009 Author Share Posted April 2, 2009 49's, Santa Clara Deal Finally On The Horizon: ...Politically, waiting until 2010 might also be more advantageous for the 49ers, allowing time for an economic recovery to take hold. It also would allow time for a deal between the 49ers and Cedar Fair to jell — perhaps the team would buy the theme park. Sandusky, Ohio-based Cedar Fair recently announced that it is eager to sell properties across North America to cut its corporate debt. A Cedar Fair spokeswoman did not return telephone calls Wednesday.... http://www.mercurynews.com/49ersheadlines/ci_12050212 Registration or http://www.bugmenot.com may be required Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted April 3, 2009 Author Share Posted April 3, 2009 More on this: http://www.bizjournals.com/sanjose/stories...30/daily78.html Quote Link to comment Share on other sites More sharing options...
CoastersRZ Posted April 3, 2009 Share Posted April 3, 2009 It will be interesting to see what, if anything comes of these talks in the next two weeks. Will Great America still be owned by Cedar Fair? Or will the 49ers purchase the park from them? Will the 49ers continue to operate the park as an amusement park? Who knows. If Cedar Fair sheds that property, and receives some monetary compensation, they will be able to pay down some of their debt. Which is one of their main objectives with the announcement last month that they may sell Great America, Valleyfair and Worlds of Fun in order to reduce their debt levels. Quote Link to comment Share on other sites More sharing options...
faceofbeast Posted April 3, 2009 Share Posted April 3, 2009 I find this sad. Our precious industry is starting to be hit hard by the recession. Quote Link to comment Share on other sites More sharing options...
CoastersRZ Posted April 3, 2009 Share Posted April 3, 2009 Well, Cedar Fair is looking to sell off some assets so that it can remain a viable company moving forward. And the fact that Cedar Fair does not own the land that Great America sits on is a further reason why the sale of Great America would make sense. Cedar Fair has a long term lease for the land, that it inherited when it bought Paramount Parks. In 1985, the Marriott Corporation was looking to sell both of its Great America parks in California and the one in Chicago (which is now owned by Six Flags). The California park was sold to the City of Santa Clara Redevelopment Agency. The 118 acres of land was sold for $72.5 million with another $16 million for the rides, buildings and equipment. The city then entered into a management contract with KECO for five years with an option for KECO to purchase the park at the end of the contract. In 1989, KECO exercised its option to buy Great America`s business assets (buildings, rides and equipment) from the Santa Clara's Redevelopment Agency for approximately $25 million. Also, KECO then entered into a 50 year land-lease with the city`s redevelopment agency. The above is just a little of the back story on how Great America became a part of KECO, and later Paramount Parks and Cedar Fair. I`m not sure how much money Great America makes in revenue, but have heard that it is a weak performer. Not to mention that the park is land locked. Quote Link to comment Share on other sites More sharing options...
Shaggy Posted April 3, 2009 Share Posted April 3, 2009 Not to mention that the park is land locked. It is... but there's other land nearby that would be suitable for the stadium. It boggles my mind as to why they haven't considered the ginormous Golf Course nearby. If it's a big name PGA course, re-locate it, and then GAM and the 49ers can build/share a parking garage/lot. Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted April 3, 2009 Author Share Posted April 3, 2009 It's California. One must remember there are those who would be more than happy to see something as tawdry as an amusement park go away. Why these same folk would find a football stadium acceptable is beyond me...other than that a stadium is used far less often than is an amusement park. Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted May 19, 2009 Author Share Posted May 19, 2009 Santa Clara-49ers stadium deal could come today: ...A potential stumbling block to building the stadium on one of two city-owned parking lots leased to the Great America amusement park has also been addressed, city officials said. Cedar Fair, the Ohio company that owns Great America, had sought onerous financial concessions in exchange for its support, including unilateral control over stadium scheduling during Great America's season. Now the company, trying to reduce its debt, is shopping several of its holdings and is in talks to sell the Santa Clara amusement park to the 49ers. Even if the team doesn't buy Great America, the city is confident its lease with Cedar Fair allows the city to build the stadium on what is now the amusement park's little-used overflow lot as long as it still gives Great America adequate parking nearby. "The city is firm in its stance that this is still our land," Mahan said. "We will still fulfill our obligations under the lease if we want to use the land for the stadium." The proposed stadium deal would likely not go before Santa Clara voters until March 2010.... http://www.sfgate.com/cgi-bin/article.cgi?.../MNC917A01A.DTL Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted May 20, 2009 Author Share Posted May 20, 2009 Stadium Public Meeting To Be Held: http://www.bizjournals.com/sanjose/stories...18/daily45.html Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted May 30, 2009 Author Share Posted May 30, 2009 Supposedly, the park will continue to operate even if Cedar Fair sells it due to the stadium: ...In a separate issue, Sparacino said whether the 49ers will purchase Great America from Cedar Fair Entertainment Co. (NYSE:FUN) is still under consideration, but not an issue the city is tackling. The city, which owns the land on which both the theme park and the proposed stadium exist, only must ensure that the amusement park remains in operation whether it's owned by Cedar Fair or the 49ers. http://www.bizjournals.com/sanjose/stories...25/daily64.html Quote Link to comment Share on other sites More sharing options...
Beast1979 Posted May 30, 2009 Share Posted May 30, 2009 So, would these mean that the 49'ers own the land, but Cedar Fair operates it, or the city operates it, or what? I'm confused. Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted May 30, 2009 Author Share Posted May 30, 2009 The proposed stadium agreement, in order to obtain buy-in from various constituencies, provides that the park remain in operation. As the article says, the agreement does not specify who will operate the park or own the land on which it sits. Currently, Cedar Fair leases the property and operates the park, while the city of Santa Clara owns the land. Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted June 12, 2009 Author Share Posted June 12, 2009 Great America’s not thrilled about 49ers stadium efforts: SANTA CLARA — Owners of California’s Great America theme park have been left on the sidelines as the city of Santa Clara and the San Francisco 49ers continue efforts to build a stadium. Officials at park owner Cedar Fair Entertainment Co. of Sandusky, Ohio, say they are concerned about access to parking when they are open on the same day that NFL games or other stadium events are scheduled. They are also concerned that games and events at the stadium would complicate their ability to extend their season. The park opened in late March this year and is scheduled to remain open through Nov. 1. The $620 million company operates 11 amusement and water parks, including Knott’s Berry Farm in Buena Park, which operates year-round.... http://sanjose.bizjournals.com/sanjose/sto...5038400^1843753 $620 million company? By what measure? That "$620 million company" has approximately three times that much debt... From that same article: ...Etnire could also help offload the park to the 49ers, based on Cedar Fair’s announcement in March that it is looking for ways to reduce debt. Based on a “strategic review” of assets, the company said it would explore the possibility of selling its 235-acre Worlds of Fun park in Kansas City, Mo., and 90-acre Valleyfair park in Shakopee, Minn. Neither prices nor timing of any potential transactions were divulged. Cedar Fair has been in negotiations with the 49ers regarding the purchase of California’s Great America. Frole said those talks have been ongoing. A sale would remove Cedar Fair from the equation and leave the parking question an issue between the city and the football team’s owners.... Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted June 13, 2009 Author Share Posted June 13, 2009 ...Great America amusement park owners Cedar Fair, meanwhile, are still grumbling over being cut out of negotiations around the stadium that would rise in their parking lot — which, given that Cedar Fair's lease needs to be reworked as part of the deal, has to be a headache that the 49ers would rather not have. http://www.fieldofschemes.com/news/archive...wered_ques.html Quote Link to comment Share on other sites More sharing options...
KIfan1980 Posted June 13, 2009 Share Posted June 13, 2009 $620 million company? By what measure? That "$620 million company" has approximately three times that much debt... Measure is Market Cap(italization). Yahoo! Finance cites the Market Cap of FUN as $645.72M at market close today. But that ratio of Debt to Market Cap can't be a good thing. Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted June 13, 2009 Author Share Posted June 13, 2009 It's certainly better than Six Flags' was yesterday. Today, the news of Six Flags' bankruptcy filing made the news, though the company chose to call it their "Final Phase of Financial Restructuring." Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted July 15, 2009 Author Share Posted July 15, 2009 Santa Clara, 49ers Moving Toward Stadium DDA: The Santa Clara City Council on Tuesday took the next step toward a new stadium deal with the San Francisco 49ers, voting in favor of launching negotiations for a disposition and development agreement for a new football stadium. Once that is in place later this year, it will be put on ice until voters decide whether the $937-million deal--which includes $114 million in public subsidy, 62% of it from the city--is worth affirming at the polls in early 2010. ...The stadium is slated to rise on a 13.5-acre, 2,300-slip auxiliary parking lot for the theme park, which is owned by Cedar Fair Entertainment Co. The proposed structured parking would replace about one-third of those spaces while the remainder of the space would be made up in part by reconfiguring the park's main parking lot.... http://www.globest.com/news/1452_1452/sanf...o/179837-1.html 49'rs Detail Stadium Plan: http://www.bizjournals.com/sanfrancisco/st...13/daily38.html Quote Link to comment Share on other sites More sharing options...
DeLorean Rider Posted July 15, 2009 Share Posted July 15, 2009 So, they're just using up more parking space? Where are the people going to the stadium going to park? I'm sure it will just be a dream trying to attend that park on a game day. Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted July 15, 2009 Author Share Posted July 15, 2009 Cedar Fair has made its opposition to this plan quite clear. The land is leased to Cedar Fair at the moment. This plan could not proceed without some sort of concurrence/acquisition of rights from Cedar Fair, in whatever form. Perhaps not coincidentally, Cedar Fair has made quite clear that the park is for sale. Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted July 30, 2009 Author Share Posted July 30, 2009 Theme park complains about 49ers' Santa Clara plan: ...The letter was delivered the day before a draft of the environmental impact report on the billion-dollar stadium project is scheduled to be released. The theme park owner said it is worried about the negative impact that traffic would have when game days overlap with Great America's season. Cedar Fair also renewed complaints that it is being marginalized in the ongoing talks between the city and the 49ers regarding the development. “The construction and operation of an NFL stadium next to a large amusement park represents daunting challenges to both venues as well as the city,” said Cedar Fair CEO Richard Kinzel in the letter. ... http://www.bizjournals.com/sanjose/stories...27/daily71.html Quote Link to comment Share on other sites More sharing options...
CoastersRZ Posted July 30, 2009 Share Posted July 30, 2009 Has the city and Cedar Fair made any progress in these talks? It seems like the city keeps ignoring all the issues that Cedar Fair keeps bringing up. It appears as if the city would much rather see Cedar Fair and its amusement park shut down in favor of an NFL stadium for the 49ers. While a new stadium would bring in money on those select days that there is an NFL game, those in Cincinnati know how often the facility is used outside of NFL season. To me, it would seem to be a mistake on the part of the city to completely ignore the issues that Cedar Fair is raising. It is after all better to have two venues that can harmoniously survive as opposed to both venues surviving, one at the detriment of the other, or even worse, for only one venue to survive. Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted July 30, 2009 Author Share Posted July 30, 2009 http://www.mercurynews.com/breakingnews/ci_12941239 Quote Link to comment Share on other sites More sharing options...
Captain Picard Posted July 30, 2009 Share Posted July 30, 2009 Sounding a little desperate for a deal. It would make you wonder if their future depended on it. Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted July 31, 2009 Author Share Posted July 31, 2009 Environmental Report Issued... ... Cedar Fair, the owners of Great America, told ABC7 they have significant issues with the traffic and parking situation and if the city does not address those concerns, there could be legal action. The public has 45 days to comment on the draft EIR and then a final document will be completed. A citywide election next year will determine if the stadium is built.... http://abclocal.go.com/kgo/story?section=n...&id=6941457 Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted September 14, 2009 Author Share Posted September 14, 2009 49ers' stadium passes hurdle, Great America still unhappy: ...But Cedar Fair Entertainment, owner of the Great America amusement park adjacent to the proposed ballpark, reiterated its concerns that the stadium would hurt its business and cut off potential expansion of the theme park. "Cedar Fair does not believe that the proposed stadium and Great America can coexist without overcoming significant legal and operational issues," Cedar Fair attorney Geoffrey Etnire wrote in a Sept. 3 letter to Santa Clara City Manager Jennifer Sparacino. Cedar Fair says that even if the team compensates it for money it loses on game days, it hasn't been sufficiently insulated from a potential loss of business.... http://www.bizjournals.com/sanfrancisco/st.../14/daily5.html ...Translation: Give us more money, or we'll sue you so hard your heads will spin. Isn't this where we came in? http://www.fieldofschemes.com/news/archive...tep_forwar.html Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted September 26, 2009 Author Share Posted September 26, 2009 ...The study "wrongly concludes that the project is compatible with surrounding land uses, because (it) fails to acknowledge that the project could have a major adverse impact on operations and attendance at the Great America theme park," wrote Cedar Fair Entertainment, Great America's owners... Cedar Fair, however, said in its letter that the city's refusal to release many public documents related to the project has made it impossible to fully evaluate the draft study. Cedar Fair has threatened to sue to obtain those records, as well as warning recently that it might oppose the stadium deal altogether if the city and team don't address its concerns about the impact on Great America... http://www.mercurynews.com/sports/ci_13422583 Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted October 24, 2009 Author Share Posted October 24, 2009 Santa Clara stadium exemption discussion Tuesday: ...City voters must vote, however, on whether to authorize stadium construction. Though it likely will be held sometime between March and June, no specific date has been scheduled as yet for that election.... http://sanjose.bizjournals.com/sanjose/sto...19/daily93.html Quote Link to comment Share on other sites More sharing options...
PhantomTheater Posted October 24, 2009 Share Posted October 24, 2009 http://www.nfl.com/news/story?id=09000d5d8...mp;confirm=true Majestic has targeted seven NFL teams that it plans to approach after the Super Bowl in February about moving to the Los Angeles area: the Buffalo Bills, Jacksonville Jaguars, Minnesota Vikings, St. Louis Rams, San Diego Chargers, Oakland Raiders and San Francisco 49ers. The 49ers could use this as a bargaining chip to get the deal done faster. Quote Link to comment Share on other sites More sharing options...
The Interpreter Posted October 24, 2009 Author Share Posted October 24, 2009 ....let me guess...in Los Angeles they would be going into Knott's parking lot? Quote Link to comment Share on other sites More sharing options...
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