PANAMA CITY BEACH, Fla. (WMBB) — The deal for Tootsie’s Orchid Lounge to buy the old Spinnaker location and move their operations is not yet finalized, the owners of both properties said Tuesday.

The Nashville Business Journal reported that the deal was done Monday and that Tootsie’s owner Steve Smith plans to shut down the Pier Park location and reopen in the Spinnaker facility by next March.

But on Tuesday Smith and Spinnaker owner Sparky Sparkman said the negotiations are still underway.

The two men said they have been negotiating for about a year and the talks have gone well.

They added that they hope to have a deal soon but both also say there is no deal yet.