The new owners of the beleaguered Hard Rock theme park in Myrtle Beach, US, have changed the park's name to Freestyle Music Park, as part of efforts to revitalise the US$400m (£267.6m, 287.4m euro) attraction.

Steve Baker, president of FPI MB Entertainment (FPI), the company which acquired the park for around US$25m earlier this year, said the new Freestyle brand will be rolled out globally.

"Freestyle Music Park will be the prototype and launching point for the Freestyle Park brand throughout the world," he said. "We plan to open additional new attractions and entertainment venues in the coming years, under the Freestyle Park banner. Our Myrtle Beach Park will be the first to feature a music theme."

FPI is a joint venture which includes Russia-based MT Development (MTD). MTD is currently developing a RUS16.8bn (US$620m, £406m, 472m euro) leisure attraction – also to be called Freestyle Park – in the capital Moscow.

Baker added that the company will undertake a large revamp of the Myrtle Beach site, with many of the rides, restaurants and areas throughout the park being re-themed to "better fit into the vision of Freestyle Music Park".

The park's previous owners, HRP Myrtle Beach Holdings, filed for Chapter 11 bankruptcy protection in September 2008 after just one summer of operations.