Key Takeaways
- Travis Kelce and fellow Six Flags investors are renewing their push to sell the amusement park company after its net loss ballooned past $202 million.
- JANA Partners, whose investment group holds roughly a 9% economic interest, wants Six Flags to hire an investment bank and engage with prospective buyers amid concerns about board dysfunction and weak performance.
- Kelce joined the group in October 2025 as a lifelong Six Flags fan, but the company’s shares have since fallen to around $11.25 and Six Flags has not publicly addressed the latest sale push.
Travis Kelce’s investment in Six Flags is facing another major test, with shares of the amusement park company sinking as his partners reportedly renew their push to put the business up for sale.
Activist hedge fund JANA Partners has called on Six Flags’ board to hire an investment bank and explore potential buyers, according to the Wall Street Journal. The firm, which joined Kelce and other investors in acquiring an approximately 9% economic interest in Six Flags last year, is reportedly frustrated with the company’s financial performance after its latest earnings report showed its net loss ballooning to more than $202 million.
The renewed pressure comes months after JANA first pushed Six Flags to consider a sale. In March, the activist investor wanted the company to engage with prospective buyers and overhaul board-level leadership.
“It is now in the best interest of shareholders for the company to reverse course and engage with known buyer interest in Six Flags,” JANA Managing Partner Scott Ostfeld wrote at the time.
JANA was particularly critical of the board, alleging “an alarming pattern of board dysfunction and disjointed decision-making that has become impossible to ignore.”
One of the changes it sought has since happened: Richard Haddrill replaced Marilyn Spiegel as Six Flags’ executive chairman. But the latest reported demand suggests JANA still believe considerably more needs to change.
The group initially said it planned to work with Six Flags leadership on improving operations, marketing, the guest experience, and ultimately shareholder value.
For Kelce, the investment also had a personal connection.
“I am a lifelong Six Flags fan and grew up going to these parks with my family and friends,” Kelce said when the investment was announced. “The chance to help make Six Flags special for the next generation is one I couldn't pass up.”
But Six Flags has struggled to produce the turnaround its investors have been seeking. When JANA initially disclosed its position, the company's shares jumped nearly 20%, even after the stock had already lost roughly half its value during 2025 amid weather-related attendance problems and business concerns.
That initial bump didn't last. Six Flags shares closed at $10.88 on Oct. 1, hovering near their 52-week low.
The latest turmoil comes amid other major changes for the amusement park operator. Six Flags recently announced plans to relocate its corporate headquarters from North Carolina to Texas in early 2027, while continuing to operate parks and resorts across North America.
Six Flags said it remains focused on its strategic priorities and maximizing shareholder value.
