Six Flags Over Texas is a 212-acre (86 ha) theme park located in Arlington, Texas, east of Fort Worth and west of Dallas. It is the first amusement park in the Six Flags chain. The park opened on August 5, 1961, following just a year of construction and an initial investment of US$10 million by real estate developer Angus G. Wynne, Jr.The park is managed by the Six Flags Entertainment Corp., which also owns 53.1% interest of the Texas Limited Partnership that owns the park. A similar arrangement exists with the partnership that owns Six Flags Over Georgia. Six Flags Over Texas Fund, Ltd, a private-equity and asset management firm headed by Dallas businessman Jack Knox, purchased the park in 1969. Over the years the various companies that managed the park, exercised options to purchase interest in the fund. Six Flags Entertainment has an option to purchase the remaining 46.9% in 2028. Starting in 1991, the park was managed by Time Warner Entertainment. In 1998, Time Warner sold its interests in the Six Flags parks to Premier Parks of Oklahoma City, which later changed its name to Six Flags Theme Parks, Inc.