(KCPW News) Vail Resorts announced on Thursday that Park City Mountain Resort would be changing hands in a $182.5 million deal. Powdr Corporation’s sale officially puts an end to the legal drama that had everyone from skiers to local business owners wondering about the future of the popular ski resort.
With this acquisition, Vail says all litigation pertaining to PCMRÂ is now resolved. In addition, as a condition of the agreement, Vail must retain all current staff employed at the resort.
Earlier this week, it looked as though the legal battle over PCMR was going to be a long-term ordeal. The resort had just posted a court-ordered $17.5 million bond to stay open this winter, but many Park City residents and resort employees were worried about the prolonged uncertainty surrounding the ongoing dispute between parent company Powdr and Colorado-based Vail Resorts.
But a new deal erases all of that uncertainty, and it creates what might be the biggest ski resort in the country.
In a statement, Powdr CEO John Cumming admitted that it wasn’t his company’s preference to sell the resort. But he said, “We’re happy that the community now has long-term certainty, and we trust Vail will responsibly carry forward the legacy of PCMR, and be a champion for the Park City community.”
In a press release from Vail Resorts, CEO Rob Katz said he was pleased to end the disagreement, and he looked forward to integrating Park City with the company’s “epic pass.”
Park City Mayor Jack Thomas was pleased to see a resolution. In his statement, he expressed optimism about working with Katz and Vail Resorts in the future.
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