Euro Disney cost $4.4 billion. Table 15.3 shows the sources of financing in percent. ages. The Disney Company had a 49 percent stake in the project, which was the most that the French government would allow. For this stake, it invested $160 mil lion, while other investors contributed $1.2 billion in equity The rest was financed by loans from the government, banks, and special partnerships formed to buy prop- erties and lease them back. The payoff for Disney began after the park opened. The company received 10 percent of admission and 5 percent of the food and merchandise revenues. This was the same arrangement as Disney had with the Japanese park But in the Tokyo Disneyland, the company took no ownership interest, opting The for instead only for the licensing fees and a percentage of the revenues the conservative position with Tokyo Disneyland was that Disney money was heav ily committed to building Epcot Center in Florida. Furthermore, Disney had some concerns about the Tokyo enterprise. This was the first non-American Disneyland and also the first cold weather one. It seemed prudent to minimize the a huge out to be a significant blunder conservatism, as became success, as the following Information Box discusses in more detail.