The big news coming out of Little Cottonwood Canyon is that Snowbird has been sold. In an announcement on May 12, 2014, Dick Bass sold his majority ownership of Snowbird Ski and Summer Resort to the Cumming family, who also own Powdr Corp, which also operates Park City Mountain Resort. Dick Bass will remain as Chairman of the Board.
In a press release, Snowbird says that this new partnership will, “provide continuing direction and funding for major capital improvement projects, including a new restaurant and skier services building atop the Aerial Tram, a Four Diamond remodel initiative for the Cliff Lodge, and the future renovation of the Snowbird Center.”
In a statement, Snowbird President and CEO, Bob Bonar, says that by partnering with the Cumming family, he is confident the Bass family has created the brightest possible future for Snowbird, adding, “this summer we begin construction on the new building at the top of the Tram and next summer we will start a renovation of The Cliff Lodge, taking it to Four Diamond.”
It will be interesting to see what direction Snowbird’s future will turn, considering that Dick Bass has owned Snowbird since its inception in 1971. No sale price was given to the press.
Below is the full press release from Snowbird:
Cumming Family Partners with Bass Family in Snowbird
The Bass and Cumming Families announced today that they have entered into a partnership for the future operation and development of Snowbird Ski and Summer Resort. The partnership will provide continuing direction and funding for major capital improvement projects, including a new restaurant and skier services building atop the Aerial Tram, a Four Diamond remodel initiative for the Cliff Lodge, and the future renovation of the Snowbird Center.
“This partnership will enable Snowbird to achieve more rapid growth and even greater benefits for our guests in keeping with 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,” said Richard D. Bass.
In addition, Bass feels extremely fortunate to have the Cumming Family join in Snowbird’s future, owing to his inability to live and work at Snowbird’s altitude because of his advancing age.
“I look forward to working with the Bass Family and the team at Snowbird in providing world-class experiences on and off the mountain,” said Ian M. Cumming, an original investor in the Inn at Snowbird. Cumming owns a home at Snowbird and his family has a long history of skiing at Snowbird. “We are very happy to be involved at a place that has so many fond memories for our family,” said Cumming.
“Partnering with the Cumming Family ensures a bright future for Snowbird,” said Snowbird CEO and President Bob Bonar, one of the first employees when Snowbird opened in 1971. “Snowbird’s commitment to providing exceptional skiing and year-round hospitality, entertainment, and guest service will only greatly increase as we go forward.”
Snowbird’s current management team, led by Bob Bonar, Tom Jones and Jerry Giles, will remain in place. The partnership is between the Bass and Cumming Families and does not involve Powdr Corp. Mr. Cumming will own a majority share of Snowbird. Dick Bass will remain as Chairman of the Board.