Cumming family purchases majority interest; Dick Bass to remain chairman.
Majority interest in Snowbird Ski & Summer Resort has been sold to the Cumming family, which does not intend to make it part of the family’s other ski company, Powdr Corp.
The sales price was not disclosed.
A joint statement Monday by the Cummings and Snowbird’s co-founder Dick Bass said the partnership between the families "will provide continuing direction and funding for major capital improvement projects," including a new restaurant and skier services building atop Hidden Peak and the renovation of the Snowbird Center.
Bass, the Texas oilman and mountaineer who opened Snowbird in December 1971, said in a prepared statement that the resort’s future prospects are enhanced by this collaboration with Utah businessman Ian Cumming, whose home with an elevator is across the Little Cottonwood Canyon highway from Snowbird.
"This partnership will enable Snowbird to achieve more rapid growth," Bass said, promoting "our founding perspective and philosophy of providing a year-round destination mountain resort for the enhancement of body, mind and spirit, with our ever-present emphasis on environmental protection and sensitivity."
More:
http://www.sltrib.com/sltrib/money/57933760-79/snowbird-resort-bass-corp.html.csp
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