News: Joyland pulls out of deal to acquire Libertyland

Posted at 6:14 PM EST (2314 GMT)

Dec. 29th, 2006 -- It is being reported that the proposed developers of Libertyland have halted their efforts.

Michael Moodenbaugh, one of the proposed developers, is stating that the park is in worse shape than he and his fellow developer were led to believe.

Joyland Amusement Park had received approval on December 19 of a non-binding letter of intent that would have made way for the Wichita-based park to invest $5 million in the park over three years.  The original letter of intent also included the option to buy the property, but the City Council changed it to a leasing option.

At this time there have been no further developments.

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