{"id":2600424,"date":"2022-09-08T12:04:38","date_gmt":"2022-09-08T18:04:38","guid":{"rendered":"https:\/\/www.outsideonline.com\/?p=2600424"},"modified":"2022-09-08T12:48:11","modified_gmt":"2022-09-08T18:48:11","slug":"jay-peak-sold-new-owners","status":"publish","type":"post","link":"https:\/\/www.outsideonline.com\/business-journal\/brands\/jay-peak-sold-new-owners\/","title":{"rendered":"After Embezzlement Scandal, Jay Peak Gets a Fresh Start with New Owners"},"content":{"rendered":"

After a half decade of limbo, Vermont\u2019s <\/span>Jay Peak<\/span><\/a> is finally getting a new owner. Since an elaborate Ponzi scheme concocted by businessman Ariel Quiros and Jay Peak CEO Bill Stenger defrauded resort investors of $350 million between 2008 and 2016, the resort has been in conservatorship\u2014the property of the U.S. government. An auction that took place yesterday, September 7, has decided the fate of the popular Northeast Kingdom ski area.<\/span><\/p>\n

The only known bidder of the three auction participants has come away with the prize. Pacific Group Resorts<\/span><\/a>, which owns and operates five ski areas in North America, including Powderhorn Mountain Resort in Colorado, Ragged Mountain Resort in New Hampshire, and Wintergreen Resort in Virginia, will add the embattled ski area to its portfolio.<\/span><\/p>\n

\""Biggest
Jay Peak is currently on the Indy Pass, which gets pass holders two days\u2014not nearly enough for its more than 350 annual inches of snow. (Photo: Courtesy of Jay Peak)<\/figcaption><\/figure>\n

\u201cWe couldn\u2019t be more pleased to have @jaypeakresort join our family of resorts after a successful auction,\u201d Pacific Group Resorts VP and CMO Christian Knapp tweeted on September 8. \u201cOur immediate goal is a well-executed transition inspiring confidence in the staff, while maximizing synergies.\u201d<\/p>\n

Reaction to the news has been positive, with Jay Peak\u2019s passionate base chiming in on social media with suggestions on issues from capital improvements (\u201cNever replace the Bonnie and make the humans learn to load fixed grips before we all go soft\u201d) to pass perks (\u201cHoping for some @WispresortMD season pass reciprocity\u201d).<\/p>\n

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We couldn\u2019t be more pleased to have @jaypeakresort<\/a> join our family of resorts after a successful auction. We recognize the staff knows far more about Jay than we do. Our immediate goal is a well-executed transition inspiring confidence in the staff, while maximizing synergies. pic.twitter.com\/FFbWIVOfj1<\/a><\/p>\n

\u2014 Christian Knapp (@christianknapp) September 8, 2022<\/a><\/p><\/blockquote>\n