Myrtle Beach, SC - MYRTLE BEACH, SC (WMBF) - An attorney representing the embattled Freestyle Music Park has confirmed there are no plans to re-open the multi-million dollar amusement park for the 2010 season.
The announcement was confirmed early Monday evening as many questioned whether or not the park was financially healthy and able to operate at a full-scale level for the upcoming summer season.
Attorney David Slough says despite the news, the park's owners are currently in talks with potential investors. Should any negotiations yield the promise of new investments, Slough says there is the potential for the park to open for part of the 2010 season.
The current owners, FPI MB Entertainment LLC, came under financial fire early on after purchasing the $400 million attraction formerly operated as Hard Rock Park. The park was purchased under bankruptcy for $25 million and renamed Freestyle Music Park.
With the purchase, however, came $569,151.52 in inherited outstanding debt. While the debt was inherited from the park's previous owners, a spokeswoman for Freestyle Music Park says FPI MB Entertainment has not followed through on leasing agreements to pay back any debt owed.
The lack of payday for a handful of businesses resulted in a federal court order demanding the nearly $570,000 in payments be paid by FPI MB Entertainment by April 1. It is unclear, however, how much of that debt has been paid.
Should Freestyle Music Park line up an investor willing to pump the money necessary to operate the park, officials say it will take eight weeks for the park to open for the 2010 season from the moment the date is selected.
The Associated Press contributed to this report.