Unofficial Networks Reports:
Will this finally be the year that Jay Peak gets sold? After entering a receivership following the scandals surrounding the EB-5 program in the Northeast Kingdom, the state has been looking for a buyer of the famous ski resort for the past couple of years. According to VPR, that search may soon be coming to a close.
Here’s the official story from Vermont Public Radio:
“Jay Peak ski resort’s leaders are “actively engaged” in sale discussions with several potential buyers, according to recently filed court documents.
Michael Goldberg, the court-appointed receiver who runs the resort, wrote in Friday’s filing that draft purchase agreements have been exchanged — though he didn’t say how many.
The process of selling the ski resort ground to a halt last year due to the pandemic. Goldberg restarted the search earlier this year.
Jay Peak has been managed by Goldberg since 2016 after owner Ariel Quiros and developer Bill Stenger were accused of misappropriating more than $200 million from foreign investors.”
For the past year, Jay Peak Resort has been in an awkward spot. Canadian tourists make up a large portion of the guests at the mountain and were not allowed to travel down south.
The economic issues surrounding the pandemic made the receivership temporarily suspend discussions for selling the resort. Challenges still remain for the resort.
The border situation between Canada and the U.S. is far from resolved, and will likely continue to impact ridership this season. Potential buyers for the mountain could include Vail Resorts, Alterra Mountain Company, Boyne, POWDR, and others.