UPDATE, 9/11/2014 at 12:38: Vail Resorts bought PCMR for $182.5 million in cash. The sale cancels the bond and ends all litigation between Talisker Land Holdings, LLC and PCMR. Vail Resorts now owns both Canyons and PCMR. The two resorts plan to operate independently for the coming season, as they have in the past.
Just two days after Park City Mountain Resort announced that it would pay the $17.5 million bond required to operate the ski area this year, PCMR's owner Powdr Corp has announced that they have sold the ski area to Vail Resorts.
The bond announcement was the latest in a multi-year legal drama that started in 2011 when PCMR failed to properly renew its lease of the upper portion of the ski area from Talisker Land Holdings, LLC. There's been a little bit of everything since, from PCMR threatening to dismantle its lifts if it loses the lawsuit to the CEO's of Powdr Corp. and Vail Resorts engaging in a public pen pal feud.
But today's announcement is without a doubt the biggest bombshell in a story that's been full of big headlines. There's no word yet on how much Vail paid for the property, but the sale is effective immediately and includes PCMR's base area, parking lots, lower ski terrain and lifts, as well as the water and snowmaking equipment. Powdr also announced that the agreement with Vail Resorts stipulates that Vail must retain PCMR employees in their current roles.
In a statement released to Curbed Ski, John Cumming, CEO of Powdr said, "Selling was the last thing we wanted to do, and while we believe the law around this issue should be changed, a protracted legal battle is not in line with our core value to be good stewards of the resort communities in which we operate. A sale was the only way to provide long-term certainty for PCMR employees and the Park City community. My family and I are extremely grateful to have had the opportunity to play a role in making PCMR what it is today, and we deeply appreciate the dedicated employees and all of the people who have supported us over the years."
Curbed Ski also just received word from Vail Resorts that PCMR will now be on the Epic Pass, which means that the season pass now features 22 ski areas. All Park City Mountain Resort passes for the 2014-15 ski season will continue to be honored and can be exchanged or upgraded for a season pass that will also be valid at Canyons.
We will continue to update this story as soon as we have more information.
· Breaking: PCMR Will Pay $17.5 M To Save Upcoming Ski Season [Curbed Ski]
· Everyone Waits for PCMR as 2014/2015 Ski Season Still At Risk [Curbed Ski]
· Judge Delays as PCMR & Talisker Disagree on Bond by $100 M [Curbed Ski]
· Could PCMR & Vail Resorts Be Close to Making a Deal? [Curbed Ski]
· PCMR Delays Woodward Park City Talks, Everyone Wonders What It Means For Lawsuit [Curbed Ski]
· PCMR Threatens Catastrophe, Outlines Lift Dismantling [Curbed Ski]
· All PCMR-Talisker Coverage [Curbed Ski]