Founder Dick Bass Sells Majority Share of Snowbird Resort
On a day when social media is packed with photos of a late-season pow day at Utah’s Snowbird, the resort is also making business news.
Snowbird put out a release today announcing a partnership between the Bass and Cumming Families. According to 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."
The partnership will include Ian M. Cumming now owning a majority share of Snowbird.
"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.
Dick Bass will remain as chairman of the board.
For those not up to date on the resort family tree these days, The Cumming family owns privately-held Powdr Corp., headquartered in Park City, Utah, which currently owns and operates nine resorts, including some majors like Park City, Mt. Bachelor, Copper, Boreal, and Killington. They also purchased the Woodward brand in July 2011.
However, this deal is between the Bass and Cumming families and DOES NOT involve Powdr Corp., according to Snowbird.
Snowbird's current management team, including Bob Bonar, Tom Jones, and Jerry Giles, will remain in place.
"'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."
Ian M. Cumming was listed as one of 400 Richest Americans by Forbes back in 2008.
Here's another interesting article about Ian Cumming from Crain's New York Business from last year which explains where he got the money to make this kind of investment.