a £56 million loan from British Airways in 1999. By this point the debt had accumulated to be around £130 million. David Marks, the director at Marks Barfield, said that British Airways supported the idea of refinancing the London Eye but the Tussauds group blocked the deal at every opportunity. Marks went on to comment that without a refinancing deal the London Eye would not have long-term financial security in the future as it would not be able to develop as an attraction. The company also went on to say that the running costs of the London Eye and the large debt repayments prevented the company from making developments at the attraction that would cost £4 million. The company had hoped to redevelop a gift shop and the ticketing system at the London Eye but without refinancing it would not be able to complete them. The Tussauds group denied blocking any deals, in turn suggesting that no alternative methods had been put forward. In a statement, the company said that it had offered to buy out the other two shareholders in 2003, and again in 2004, believing that one primary shareholder would be able to negotiate better terms on their debt repayments. In November 2005, the company bought British Airways’ stake in the London Eye for £95 million. The other shareholder, Marks Barfield, also offered to buy British Airways' stake but the latter chose the Tussauds group as they felt that their offer was more beneficial for the company's shareholders. In February 2006, the group began negotiations to buy the final 33% of the attraction from Marks Barfield for up to £80 million. In 2005, the Tussauds group was sold to Dubai International Capital, a branch of the government that deals with investment, for £800 million ($1.5 billion). In May 2007, The Blackstone Group purchased The Tussauds Group for US$1.9 billion and merged it into Merlin Entertainments with management by Merlin. Dubai International Capital then held 20% of Merlin Entertainment. The Tussauds Group as a separate entity ceased to exist. About the merger, the chief executive of Merlin Entertainment, Nick Varney, said that the combination of the two groups, as well as their audiences, would place the new company in the global market. He also believed that both groups expertise in the management business would benefit the company too. Peter Phillipson, the chief executive of the Tussauds group added that