Ringling Bros. circus announced Saturday that it would be closing down permanently in May 2017 after 146 years. Kenneth Feld, a billionaire whose family has owned the circus since 1967, blamed falling ticket sales after the retirement of Ringling Bros. iconic elephants following a bruising 14-year legal battle with animal rights activists. “This, coupled with high operating costs, made the circus an unsustainable business for the company.” Before this announcement, Feld had said for years that 10 million people visited Ringling Bros. circus each year. The Feld family has owned Ringling Bros. circus since 1967 when Kenneth Feld’s father, Irvin Feld, bought the circus for $8 million from John Ringling North. Irvin Feld produced the circus until he died suddenly in 1984, at which time Kenneth Feld took over as CEO.

Source: Forbes January 16, 2017 13:00 UTC