Cedar Fair Entertainment Co. said Tuesday that the sale of an amusement park in California has fallen through and that it has reached a deal long-term deal with the San Francisco 49ers over the proposed construction of a stadium next to the property.
JMA Ventures LLC has decided not to move forward with the acquisition of the California's Great America amusement park in Santa Clara, Cedar Fair said.
JMA Ventures and Cedar Fair had agreed to terms on Sept. 16 for the sale of the amusement park. Financial details of that deal were not disclosed.
Cedar Fair said Tuesday it has a long-term agreement with the 49ers over the NFL franchise's proposed stadium, which would sit next to California's Great America.
Cedar Fair had opposed the stadium proposal and sued the city of Santa Clara for a loss of parking and other reasons.
The amusement park operator did not disclose details of the pact, which centers on construction and parking issues. The deal must be approved by Santa Clara.
"This arrangement leads the way to a mutually beneficial relationship between Cedar Fair, the 49ers and the City of Santa Clara," said Matt Ouimet, Cedar Fair's president.
The termination of the amusement park sale does not alter Cedar Fair's outlook for earnings this year, the company said.
It expects to report adjusted earnings before interest, taxes, depreciation and amortization between $365 million and $375 million for the year.
Cedar Fair operates 11 amusement parks, six outdoor water parks, one indoor water park and five hotels. It owns Cedar Point, Kings Island and Knott's Berry Farm.
Shares slipped 7 cents to $21.77 in aftermarket trading. The stock ended regular trading up 4 cents at $21.84.