UPDATE: Gilroy Gardens Under New Management

Updated Wednesday: Cedar Fair is planning on signing over its contract to operate Gilroy Gardens, so the theme park can continue to be promoted along with Great America. JMA Ventures LLC should be managing the local theme park after all legal dealings are sorted, according to management at Gilroy Gardens.

The word on the street is that Gilroy Gardens could have new management, now that Cedar Fair LP has sold its Santa Clara-based Great America amusement park to JMA Ventures LLC—and, possibly, its contract to operate Gilroy Gardens along with it.

Apparently, Gilroy Gardens' operating contract was included in the Great America transaction, although Christina Turner, finance director for the city, said she believes the theme park's contract will remain with Cedar Fair, the Silicon Valley-San Jose Business Journal reported on Monday.

Turner said Cedar Fair has a contract with the city through September 2013 and that the business should continue to manage Gilroy Gardens. Other than that, Turner said the city doesn't have any specific information but that business will continue on as usual for the theme park. 

Cedar Fair reportedly sold the Great America amusement park to JMA Ventures LLC, a real estate investment firm, for $70 million in cash, because it hopes to lower its senior secured debt with the sales proceeds, according to an article by The Huffington Post.

As far as what the potential management change could mean for the town of Gilroy, it's still up in the air, but Mayor Al Pinheiro said new marketing strategies will have to be developed for Gilroy Gardens, which had been advertised with Great America for many years, according to the Business Journal.