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Hard Rock Park Sold for $25 Million

The United States Bankruptcy Court has approved the sale of all of the assets of Hard Rock Park to FPI MB Entertainment, LLC for $25 million. The sale is anticipated to close no later than 5 p.m. Thursday, February 19, 2009. The park is tentatively scheduled to open by Memorial Day weekend.

Several potential buyers emerged after the bankruptcy trustee recommended the sale be made to FPI. The judge did not allow an auction, and said the other offers came to the court too little and too late.

FPI will negotiate with Hard Rock International to continue to use the brand. The park's original owners had paid a license fee of $2.5 million annually. If an agreement is not reached FPI will destroy any Hard Rock-branded merchandise before the park opens. Hard Rock International has already removed some memorabilia from the park.

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* Lee Ann Draud
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* Rus Ozana
ACE News Now Editor

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