Despite a few rumours that a sale is imminent or may have already taken place, Mammoth Mountain Resort’s communications department maintain that they are sill in negotiations with prospective buyers.
In February Mammoth announced that the resort had retained a financial advisor to explore partnership alternatives and enhance shareholder value. Intrawest Corporation also confirmed that it was looking into the possibility of selling its 59.5 per cent interest in the resort operations; their real estate operations at the mountain would remain unchanged.
Since Intrawest first purchased 33 per cent of shares in Mammoth in 1995, skier visits to the mountain have increased from an average of 900,000 per year to over 1.4 million a year. The resort has also benefited from the construction of new condos and hotels, as well as the development of summer amenities like a golf course and mountain biking.
Intrawest has the right of first refusal to sell Mammoth shares to a third party, but also has the right to sell its shares in the company.
If a suitable buyer cannot be found by Dave McCoy, founder of the resort, and his financial advisors, Intrawest would retain its shares in Mammoth.
