Travis Kelce's Six Flags business partners are not happy right now

Travis Kelce’s latest business venture is facing early turbulence, as activist investor JANA Partners—one of the Kansas City Chiefs star’s key partners in Six Flags—pushes for sweeping changes at the theme park giant, including a potential sale and leadership shakeup.

According to Reuters, JANA, which teamed up with Kelce and a group of high-profile executives to take a roughly 9% stake in Six Flags Entertainment in late 2025, is now urging the company’s board to explore a sale of the business and appoint a new chair. In a letter reviewed by Reuters, JANA Managing Partner Scott Ostfeld pointed to what he described as ongoing issues at the board level and called for immediate action, including engaging with interested buyers.

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The timing is notable. The push comes less than a week after Kelce was officially named a brand ambassador for Six Flags, further tying the Super Bowl champion to the company’s public image. Kelce had previously framed the investment as both personal and forward-looking, citing his longtime connection to the parks and interest in helping shape their future.

JANA’s letter, however, outlines a far more urgent tone behind the scenes. “It is now in the best interest of shareholders for the company to reverse course and engage with known buyer interest,” Ostfeld wrote, while also citing “an alarming pattern of board dysfunction and disjointed decision-making.” The firm specifically criticized how leadership handled recent executive announcements and financial guidance, arguing that those moves contributed to investor instability.

Kelce’s involvement is part of a broader strategy that initially paired JANA with experienced operators like Glenn Murphy, a former Gap Inc. CEO, and tech executive Dave Habiger, who has led multiple companies through major acquisitions. The group originally positioned itself as a catalyst for operational improvements, marketing upgrades, and a stronger guest experience across Six Flags parks.

That effort began during a challenging stretch for the company. Six Flags’ stock had already fallen sharply before JANA disclosed its stake, impacted in part by weather-related attendance declines and weaker-than-expected performance. While shares briefly surged following news of the investment, more recent earnings concerns have weighed on the company’s valuation again.

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Six Flags, which operates the largest regional amusement park network in North America, has also seen pressure from multiple activist investors in recent months.