Industry News
On August 22, 2024, POWDR Corporation announced it was selling Killington Resort and Pico Mountain, Vermont, to local pass holders, as well as three other resorts, including Mt. Bachelor, Oregon, which it has owned since 2001 and is the largest ski resort in the Pacific Northwest.
Shortly after the announcement, a local group, now called Mount Bachelor Community Inc. (MBCI), emerged to buy the resort in Central Oregon to bring it back to local community ownership. Guests at Mount Bachelor have grown weary over the years of POWDR’s ownership. Among the complaints have been customer service, parking, traffic, ticket and pass prices, snow management and terrain access, long lines, the introduction of the “Fast Tracks,” and the most glaring of all, the breakdown and failure of multiple lifts.
*See below for all the latest updates on the progress made with the most recent update first and be sure to check this page for future updates.
December 11, 2024: Community Forum and Who Else Could Buy Mt. Bachelor
Last week, the City Club of Bend hosted a community forum with local and national experts to discuss the future of the mountain and its impact on the Central Oregon community. The purpose of the forum was to inform the public about how a sale could impact the community, economy, and the resort itself. It is estimated that Mt. Bachelor contributes $157 million to the Central Oregon community and is the second largest employer in the area.
Attendees learned about the companies potentially looking to buy the resort, as well as an update on how the community effort to purchase Bachelor is going. A major topic of conversation was the pros and cons of being owned by a group like MBCI or one of the larger ski ownership groups.
Speaking of other potential buyers, here is a short list of who else might be in the running to purchase the resort:
- Alterra Mountain Company: Alterra is the second-largest ski resort owner in the country and sports the Ikon Pass, which Mt. Bachelor has a partnership with. The company has had a history of purchasing its former partners.
- Vail Resorts: Vail Resorts is the largest ski resort owner in the U.S. with 47 resorts worldwide. On the west coast it only owns Stevens Pass in Washington as well as Heavenly and Northstar in California. Purchasing Mt. Bachelor would fill a gap that it has never had in the Oregon skier market.
- Boyne Resorts: The Michigan-based private company owns 10 ski resorts, most of which are also part of the Ikon Pass, making it the third-largest ski resort owner in the country.
- The California Mountain Resort Company: Backed by Chicago-based private equity firm, Invision Capital, this private company owns four resorts in California and is focused on expanding on the West Coast. The company offers its own multi-resort pass, Cali Pass, and adding Bachelor to the offering could draw more skiers and riders from California.
- Mountain Capital Partners: Headquartered in Durango, Colorado, this private company has properties in Colorado, Utah, Arizona, New Mexico and Nevada. It acquired Willamette Pass Resort, also in the Oregon Cascade Mountains in 2022. Purchasing Mt. Bachelor could tie the two mountains together with the company’s multi-resort Power Pass.
December 1, 2024: Milestones, Momentum, and Community Ownership
MBCI stated it has serious financial commitments from major investors who care deeply for the endeavor of bringing public lands back to public hands, a huge milestone in its journey to community ownership. It now faces the challenge of securing the remaining financing from JP Morgan Chase, who has moved the goalposts, requiring it to raise additional capital for data room access.
It was also announced that to create accessibility, individuals will be allowed to invest and become owners for just $5 a share. With an investment of 300 shares, which is roughly the cost of a season pass, owners will unlock a host of benefits, including discounts and exclusive access to the resort. These benefits are designed to create lasting value for the community, offering both affordability and long-term rewards. Additionally, ownership and benefits can be passed down through generations, ensuring that future families can continue to enjoy the resort while contributing to its sustainability. It was clarified that there is no current offer to invest in Mt. Bachelor and the details will be made available at a future date.
November 13, 2024: Offer Expected by end of year
MBCI has secured the financial documents necessary to make a cogent bid to buy Mt. Bachelor. Being organized as a B Corp has helped the group move quicker to be in position to buy the mountain. According to Powdr Corp vice president, Stacey Hutchinson, there is no other offer on the table at this time to buy Mt. Bachelor. MBCI feels this is a positive development because if there was, a move would have likely already been made.
The group is expected to offer somewhere over $150 million for the ski resort. This value was determined after looking at the prospectus, considering deferred maintenance needs, and knowing the value would be less than a mountain like Vail, CO, that has lodging on mountain. The community group has lined up accredited investors to help fund the proof of funds needed to initiate the purchase and plans to make a bid before the end of the year.
October 13, 2024: Hundreds Show Up to Kickoff Event at Drake Park
On a beautiful Saturday afternoon, MBCI held a rally at Drake Park in Bend. It was a fun and family-friendly event with delicious food and beverage options as well as live music.
MBCI’s co-founders, Dan Cochrane and Chris Porter, took the stage to explain why the vision for the mountain matters and how it has been inspired and driven forward by the community’s incredible energy and enthusiasm. “It’s an incredible legacy opportunity for this community and the Mt. Bachelor community at large to be able to bring this mountain home again, back to its roots,” said Cochrane.
Melanie Kebler, Mayor of the City of Bend, outlined why the local government supports MBCI’s work and what it’s doing to help drive the movement forward. The entire event was emceed by local Mt. Bachelor conditions reporting legend Josh Surran, AKA Josh Reports.
Additionally, the GoFundMe campaign has surpassed $40,000, another testament to the incredible outpouring of support.
September 27, 2024: Fundraising Goal Met and Legal Services Secured
In just over a week, the GoFundMe campaign reached 105% of its $35,000 fundraising goal. This incredible achievement underscores the generous support and belief in the movements momentum and makes it clear that the Mount Bachelor community is serious.
Thanks to the fundraising, MBCI was able to finalize an agreement with one of Oregon’s most prominent firms for legal services to support the effort to purchase Mt. Bachelor. This critical development will allow it to develop competitive sales materials and share packages for our community.
September 23, 2024: City Council Support and Banking Partner
First, an update on the GoFundMe Campaign showed that $20,000, or 66% of the $35,000 goal, had been raised.
Additionally, it was shared that a very productive meeting with the Bend City Council had taken place and that they voiced their support for the mission and are preparing an official letter of support. This is a major step forward, demonstrating the local government’s belief in the community vision.
Also, as part of the ongoing efforts to build a strong foundation of community partnerships, Summit Bank was announced as the future partner for banking services. Summit Bank is owned by over 400 local shareholders, most of whom are clients and individuals who live and work in the community. This aligns with the group’s strategy to return operation of the mountain to local ownership.
Coming up on October 12 is the kickoff party at Drake Park from 3:00 p.m. to 5:00 p.m. PT. There will be live music, food carts, and special speakers. The event will also be televised so it will be a great opportunity to show the unity and commitment to the cause. Everyone who donated $25 or more to the GoFundMe campaign will receive a commemorative “Powder to the People” sticker at the event.
September 18, 2024: GoFundMe Campaign Goes Live
The group launched its GoFundMe campaign with a goal of raising $35,000 to cover essential costs in its bid to acquire Mt. Bachelor as a community-owned benefit corporation. Contributions to the GoFundMe campaign are considered gifts and are not tax-deductible or refundable. They are not a formal investment in Mount Bachelor Community Inc. More information about future events and opportunities for formal involvement will be provided soon.
The group also shared the core values driving the movement which include stewardship of the local environment, helping the community thrive, and reinvesting in the Central Oregon Economy.
September 16, 2024: New Website and Funding Proposal
The organizers are thrilled with the quick mobilization of volunteers and supporters, highlighting that the project is a true example of teamwork. The community’s involvement, including local businesses and passionate individuals, has provided the momentum needed to keep this vision moving forward.
New volunteers have joined the effort, bringing fresh ideas and energy, which is helping to grow the team. Their contributions are proving to be essential as everyone shares a unified goal of securing the future of Mt. Bachelor for the community. The spirit of collaboration continues to drive the initiative, with local businesses such as Sunriver Brewing and Haven Co-working Reimagined offering resources and support.
Another milestone is the launch of the project’s website, which will serve as a hub for information and updates. Though the website is still in the process of fully going live, the community can now access it at https://mtbachelorcommunity.com, with more updates expected soon. The site is an important tool for spreading the word and rallying more support.
Looking ahead, the team is planning a Community Kickoff Event at Drake Park on October 12. This event is expected to build even more momentum, bringing together supporters for a day of celebration and excitement. In addition, the organizers are preparing to open a corporate bank account to accept donations and cover startup expenses, with a GoFundMe campaign in the works.
September 2, 2024: Incorporating as Mount Bachelor Community Inc.
Local residents Chris Porter and Dan Cochrane spearheaded the efforts and organized a meeting to discuss the feasibility of operating Mount Bachelor with local ownership. Those in attendance included other locals, government representatives, and private investors. “The effort is to bring it back into local ownership of the community,” Cochrane told the Central Oregon Daily. “It’s the original foundation of the town, and we would love to return it to the great ski hill that it once was.”
At the meeting, the group officially incorporated as Mount Bachelor Community Inc. and is actively pursuing B Corp Status. Benefit Corporations are a type of business that balances purpose and profit. They are legally required to consider the impact of their decisions on workers, customers, suppliers, the community, and the environment. B Corps aims to create a positive impact on society in addition to generating profits. The nonprofit B Lab certifies B Corps to meet rigorous standards of social and environmental performance, accountability, and transparency.
As a B Corp, Mount Bachelor Community Inc. will be committed to delivering meaningful public benefits while providing investment opportunities to community members. It will pursue both specific and general public benefits, including environmental preservation of the natural areas in and around Mount Bachelor, promoting eco-friendly and sustainable business practices in all operations, and creating social and economic opportunities for the local community, including job creation and support for local businesses.
Mount Bachelor is the biggest, and some consider the best, resort in all of Oregon, Washington, and Idaho. It is known for its expansive terrain and breathtaking views of the Cascade Mountains. With a vertical drop of 3,365 feet and 4,323 acres, it is the seventh-largest resort in North America. It is known for its light, dry snow, diverse terrain, family-friendliness, and long seasons. Having the resort under local ownership with those who truly care would be a welcome development for those who visit.
