Chanhassen theater sale is terminated

Article by: GRAYDON ROYCE , Star Tribune
Updated: November 19, 2009 - 12:30 AM

Twin Cities entrepreneur Greg Frankenfield has withdrawn from an announced plan to buy Chanhassen Dinner Theatres.

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Greg Frankenfield, the software developer with a penchant for theater, announced Wednesday that he is walking away from a purchase agreement to buy Chanhassen Dinner Theatres.

"Unfortunately, we were unable to reach satisfactory conditions on a key contingency of the purchase," Frankenfield said in an e-mail. People close to the negotiations said Frankenfield was unable to close a deal with the musicians union at Chanhassen.

"There were a number of people who had to negotiate concessions," said Mike Hannon, who brokered the potential deal between Frankenfield and Chanhassen owner Thomas K. Scallen. "The musicians were the only ones who would not make a deal."

Hannon said it's not uncommon for buyers to pull out of a deal and come back in, but he is contacting other bidders who had interest in the dinner theater.

"There were several other groups interested," he said.

Theater spokeswoman Kris Howland issued a statement late Wednesday that said Chanhassen will "continue to operate business as usual." Her statement also mentioned other potential suitors for the dinner theater.

Frankenfield had signed an agreement in early October to buy the theaters from Scallen. It was anticipated the deal would close by Dec. 15, sources said.

Chanhassen is among the nation's largest dinner theaters. It has suffered significant losses in the past year, although Hannon said recent business has been robust. "Oklahoma!" is currently playing in the 625-seat main room. "Nunset Boulevard," the latest creation by "Nunsense" writer Dan Goggin, opens in a world premiere tonight at the Fireside Theater.

Graydon Royce • 612-673-7299