News: Kennywood sale may be in for roller coaster ride

Posted at 4:26 PM EDT (2026 GMT)

Mar. 11th, 2008 -- What looked to be a quick and easy sale of Kennywood, is proving otherwise.

The deal to sell the classic amusement park and four sister venues to Parques Reunidos of Spain is receiving opposition from shareholders.
"I am very much opposed to the sale. It's just kind of getting rammed down people's throats," said Kay Matthews, a Kennywood shareholder whose grandfather, Andrew McSwigan, co-founded the park more than 100 years ago.

Kennywood Entertainment, the parent company under sales agreement, is owned by the 76 descendants of the amusement park's two founding families: the Henningers and McSwigans.

"Some want to sell, and some don't want to sell," said Andrew McSwigan, a fourth-generation owner and, since 1971, one of four directors on Kennywood's board. "I'm on the side that doesn't want to sell."

"Kennywood is a hometown treasure," said McSwigan, 69. "I spent my childhood out there and remember riding some rides while they were still under construction."

It is unclear how many shareholders would need to approve the sale for it to pass, but most companies setup like Kennywood Entertainment require 66 percent or 75 percent for passage.

Nothing has been finalized at this point and the sale is still pending.  A Parques Reunidos spokesman said they expect the sale to be finalized within four weeks.

For more information visit Pittsburgh Tribune-Review.

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