Knott’s Owner Changes Partner, Executive Pay

The owner-operator of Knott’s Berry Farm and Soak City U.S.A. in Buena Park said Thursday that it is changing its general partner fee and executive compensation plan to reduce cash payments and replace them with company stock and options.

Cedar Fair LP, which owns and operates five amusement parks and four water parks nationwide, said it is seeking to eliminate fees paid to general partners retroactive to Jan. 1.

The publicly traded partnership will make an $8.5-million cash payment and award options for 2.33 million partnership units to Cedar Fair’s senior management.

Cedar Fair said it expects the total cost of salaries, bonuses and deferred units to senior management to be cut next year by $6.2 million, or 12 cents a limited partner unit. The money will be available to unit holders. In 2002, the amount available to holders is expected to be $7.5 million, or 14 cents a unit, the Sandusky, Ohio, company said.

Partnership units fell 38 cents Thursday to close at $18.50 a unit on the New York Stock Exchange.