Read more: Local, Business, Freestyle Music Park, New Investors, Company Closes Business Offices
The delays in getting cash infused into Freestyle Music Park by new investors means the company will close its business offices until a deal is reached.
Below is a press release issued by the company Friday afternoon:
The management team at Freestyle Music Park announced today that delays in funding have not deterred their negotiations with potential investors; however, limited funds will force the company to close its business offices until a deal is agreed upon with the current owners.
"While park management continues to pursue negotiations with potential investors, we have limited funds and need to use those assets toward the goal of bringing new investors to the park," said Freestyle Music Park General Manager Steve Baker. "We fully anticipate one of these deals will be satisfactory to the current owners. It's a tedious process and is just taking much longer to come to final agreements than expected. Deals on the table are contingent upon the Park opening this season. With the time difference in Russia, we will be working around the clock to make these deals happen in the coming days - not weeks - days."
Due to the seasonality of the theme park industry, the park has been operating with a limited staff throughout the offseason. According to Baker, the remaining staff will be laid off until an investment agreement is finalized. Until that time, the board of directors and executive management will continue to meet with potential investment groups and communicate with the current owners to finalize the agreement. Once an agreement is reached, the management team will bring employees back to work, create a plan for vendor repayment and announce the plans for the 2010 season.
Baker says the success of the 2009 season was very encouraging. He cites the worldwide economy and recession as the reason the current Russian investors are seeking additional funding to operate the park. The out of state parties remain in Myrtle Beach and committed to seeing the deal through, he adds.
"We've kept all efforts alive to find investors. Our efforts have been sincere. We've maintained the status quo in order to find new investors," Baker added. "We still take our financial obligations seriously and will do everything we can do to resolve them. There's a great future for this park. It just needs a chance and hasn't had that yet."
About Freestyle Music Park
Owned and operated by FPI MB Entertainment, LLC (FPI MBE), Freestyle Music Park is a 55-acre theme park which opened in May 2009 in Myrtle Beach, South Carolina.
The world-wide destination for the celebration of music, Freestyle Music Park has more than 50 attractions for fans of all ages. These attractions include roller coasters, rides, shows, children's play areas, restaurants, cafés, retail stores, a multi-purpose live music amphitheatre and a park-wide sound system, which creates an all-encompassing, rich family-fun experience.
For more information on Freestyle Music Park, call (843) 236-7625 or visit www.FreestyleMusicPark.com.
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