oth share in those profits through the firm's 49 percent equity ownership in Euro Disney and collect a management fee for operating Euro Disney (three-percent of gross revenues through 1997 when the fee will rise to six-percent), and should Euro Disney lose money, the Walt Disney Company would continue collect both management fees and royalties. The financial performance of Euro Disney has been so bad, however, that the Walt Disney Company has been forced to forego its management fee until 1997 (Waiting for Dumbo, 1993, p. 74). Foregoing the Walt Disney Company management fee, thus, is one potential short-term solution.
With Euro Disney out of cash, and with lenders reluctant to pump any more money into the venture, another potential solution was for the Walt Disney Company to increase its investment in the venture. In November 1993, the Walt Disney Company did infuse an additional US$175 million into Euro Disn
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