The management of Freestyle Music Park have conceded that it will not open for the 2010 in late March as planned, but have succeeded in winning more time to pay off debts.
The Delaware Bankruptcy Court granted the park an extension to its original 30-day deadline to clear debts of $570,000 generated by its previous owner. It has now been given until April 1 to find the necessary funds, which management say will only be possible if new investors can be brought in.
Tobey Daluz - a lawyer for FPI MB Entertainment, who own Freestyle Music Park - told the TheSunNews.com that the park will not be ready to open until at least 8 weeks after new investment is found. This is largely due to the park being forced to lay off all of its permanent employees earlier this month in order to stay afloat.
At the time, the park's owners said that they hoped to bring in a new investor "within days". However, it appears that negotiations are set to take far longer than that, putting the park's future at severe risk. The investment deals on the table are said to be contingent on the park opening for the 2010 season, meaning that management face a race against time to secure a deal.
Freestyle Music Park has struggled to stay afloat since opening in April 2008 under the Hard Rock Park name. Visitor numbers fell well short of the owner's 3 million target and the park was forced to file for Chapter 11 bankruptcy protection, closing its gates in September 2008. It was then picked up by FPI MB Entertainment for just $25 million, having cost a reported $400 million to build. It reopened for the 2009 season under the Freestyle Music Park name, but has continued to be plagued by poor attendance figures and financial problems.
The park's website remains offline as its future hangs in the balance.