The NFL star teamed up with activist hedge fund Jana Partners and other investors last October to acquire a roughly 9% stake in Six Flags. Last month, Jana urged the company to explore a sale after disappointing financial results. Then, on Monday, a passenger was ejected from the Goliath roller coaster at Six Flags Over Georgia and died, according to police. Six Flags temporarily closed nine similar coasters across six parks.

The death of Hassan Jihad Ibn Kariem, a 42-year-old Atlanta educator, sent the company’s shares tumbling roughly 14% Tuesday. It also introduced another layer of uncertainty for a business struggling with losses, falling attendance, and the aftermath of its 2024 merger with Cedar Fair.

The accident has not by this point increased the likelihood of a sale, nor has it been established that Six Flags’ financial problems contributed to the death. But it raises the stakes of the dispute over the company’s future: Management must now respond to a fatality investigation and reassure customers while a major shareholder is already pressing the board to consider new ownership.

A celebrity investment becomes a turnaround fight

Kelce initially described his investment in personal terms.

“As a lifelong Six Flags fan, I grew up going to these parks with my family and friends,” he said when he announced the investment. Six Flags named him a brand ambassador in March, giving the company a celebrity advocate who was also financially invested in its recovery.

Jana’s campaign has since moved toward a more consequential demand. In September, the hedge fund urged Six Flags to promptly hire an investment bank to explore a sale, citing disappointment with its second-quarter results.

Six Flags reported a second-quarter net loss of approximately $203 million, more than double its year-earlier loss. Citi analysts estimated that park foot traffic fell 15% year over year during the April-to-June period. The company also sold seven parks for $331 million earlier this year.

Six Flags has not recorded a profitable quarter since the summer of 2024, following the completion of its $8 billion merger with Cedar Fair. Its shares had lost more than 80% of their value since that merger, CNN reported Tuesday.

The accident therefore did not derail an otherwise smooth recovery. It hit a company whose performance had already prompted an influential investor to question whether it should remain independent.

A nightmare on a signature attraction

Police said preliminary information from witnesses and employee interviews indicated that Kariem was ejected from Goliath, struck other patrons, and fell beneath the ride. The circumstances evoke the roller-coaster nightmare associated with the Final Destination franchise, and investigators are still determining the real-world cause.

Georgia’s Office of the Commissioner of Insurance and Safety Fire has opened an investigation alongside police. Six Flags said it was “deeply saddened” and was cooperating with authorities. Goliath will remain temporarily closed when the Georgia park reopens Friday. The company also halted nine other roller coasters as it investigates what happened.

Investigators have not publicly established why Kariem flew out of his seat. There is no established finding that maintenance failures, financial pressures, or operator distraction caused his death.

Another uncertainty for a potential buyer

The tragedy raises questions beyond when the affected rides can reopen. Six Flags must contend with potential legal exposure and the possibility that safety concerns could complicate its efforts to bring customers back. The company has previously warned that its liability insurance might not cover all potential liabilities and that future coverage might not be available at commercially reasonable rates. The financial cost of this incident remains unknown.

It also comes amid separate lawsuits alleging serious injuries on X2 at Six Flags Magic Mountain in California, which the company announced last month it would retire. Six Flags has maintained that X2 passed required safety tests. Those allegations do not establish a connection to the Georgia death, but they add another legal issue to the company’s turnaround challenges.

For Jana and its fellow investors, greater pressure on Six Flags does not necessarily translate into an easier sale. A prospective buyer would have to assess the existing operating problems alongside an unresolved fatality investigation and its possible consequences. The accident may sharpen the debate over ownership without resolving what the business is worth.