Fantasy Island debts revealed at £49 million

The OdysseyFantasy Island has debts of almost £49 million, documents filed with the High Court show.

The amusement park went into administration in August this year, but has since stated that it will open for the 2015 season.

The Lincolnshire attraction remains in administration, with a sale of the park “likely to be the eventual outcome of the administrations”.

The documents also revealed that the sale of the park’s individual rides was not being considered as part of the administration process.

The administrators state that the rescuing of the park as a going concern will not be achieved due to “insufficient funds and assets available”.

They say that their objective is instead to achieve a better result for the park’s creditors than would be likely if it were wound up without first being in administration.

The Statement of Affairs also reveals how one of the park’s rollercoasters – likely the Odyssey – has been valued as a £6.3 million asset.

The Vekoma ride was reported to have had a £28 million construction cost when it opened as Jubilee Odyssey in 2002.