The plot thickens on the "Ogden Newspapers buys ski area papers" story
Earlier today, Robert Nutting sold Seven Springs to Vail Resorts (a co-incidence, I'm sure)
I've been following Robert Nutting and Ogden Newspapers acquisition of numerous newspapers in ski country in the western United States. From Pittsburgh Trib-Live, earlier today:
Pittsburgh Pirates owner Bob Nutting is selling his three ski resorts in the Laurel Highlands — Seven Springs Mountain Resort near Champion, Hidden Valley Resort near Bakersville and Laurel Mountain Ski Area in Ligonier Township — to Vail Resorts Inc. of Colorado.
Nutting, CEO of Seven Springs Mountain Resort, announced Wednesday his company has agreed to sell the resorts in Westmoreland, Fayette and Somerset counties to the suburban Denver-based ski resort operator. The sale is expected to close this winter season, but Nutting did not reveal if it would occur before the end of the year.
The price was not disclosed, but Vail Resorts had $1.2 billion in cash on hand in June, according to the quarterly earnings report released in September. The agreement was announced the day before Vail Resorts is set to reveal its quarterly earnings and field questions from analysts.
The Nutting family has owned Seven Springs since 2006. It acquired the property for nearby Hidden Valley Mountain Resort in 2013, for a reported $7.5 million.
Obviously, there is a lot more to this story.
(Hat tip to reader DG for the info.)