It appears that the mystery and speculation of who is going to buy Sunday River Ski Resort and Sugarloaf USA are over. For weeks rumors have flown around about who the American Skiing Company was going to unload the last of its resorts to. Tops on that list was former Sunday River Ski Resort and American Ski Company owner and founder Leslie B. Otten, who recently sold his interest in the Boston Red Sox.
As recent as last week, stories were surfacing that there was a negotiating battle going on between Otten and a team comprised of L.L. Bean and Budweiser for at least Sunday River. While everyone was trying to second guess, it appears that someone else had the right offer in bumping the others out of negotiations.
American Skiing Company announced that they have reached an agreement with Boyne USA, Inc. to sell both resorts. According to the Portland Press Herald, the deal is done pending anti trust reviews.
American Skiing Co. has entered into an agreement to sell its Maine resorts, Sunday River in Newry and and Sugarloaf/USA in Carrabassett Valley, to Boyne USA Inc. for $77 million in cash. Boyne will also assume $2 million in debt and other liabilities.
What’s that old expression about money talks?
A bit about Boyne:
Boyne USA Inc. is a privately held company that has an ownership interest in seven North American resort properties, including Big Sky Resort in Montana; Boyne Mountain, Boyne Highlands and Bay Harbor in Michigan; Brighton in Utah; Crystal Mountain in Washington and Cypress Mountain in British Columbia, Canada.
Tom Remington
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