The announcement comes hot on the heels of a court ruling that stated PCMR must pay its neighbouring resort, rival and landlord, Canyons a bond to continue operating on its land for one more season.
Canyons – which is owned by ski resort owning giant Vail Resorts – had served what amounted to an eviction notice on PCMR after it claimed they had missed the deadline to renew their lease of the land.
Although the management of PCMR voiced their disappointment at having to sell, the announcement comes as a huge relief for the local community, who were faced with the closure of the resort over this coming season while its future was tangled up in a legal battle between PCMR and Canyons.
Such a closure would have put thousands of jobs and millions of dollars of potential revenue in the local economy at stake and threatened to knock the area back into a financial depression it hasn’t seen since the 2008 recession kicked in.
The Utah ski industry is thought to be worth over a billion dollars a year, and analysts have estimated that the economic impact of the resort not opening would knock the area back to 2008 recession levels.
For more on the resort, see Parkcitymountain.com