After an extraordinarily long and competitive day of bidding yesterday, I'm happy to announce that, Pacific Group Resorts (PGRI) has secured the winning bid and will take over ownership of Jay Peak. The sale will become official at a closing scheduled as we head into the fall. These are sentences nearly 7 years in the writing and I'm very happy to share them with you all.
We were dropped into Receivership in mid-April of 2016 and have been inside of it since. It has been a period of both challenge and opportunity for all of us charged with caring for a place that holds constant space in our hearts and heads. Wondering what the future would hold at the same time trying to make sense of a present that presented itself simply, day by day, and season by season. While it's easy to talk about what being in Receivership took from us as a team, I prefer to focus on what it presented to us and what it forced us to keep our eyes on. Refocusing on what was important, building a better relationship with our team and with our local community, and acknowledging that surviving storms comes with benefits that are tough to see when you're busy bailing water and steering away from rocks.
We've all learned to manage ourselves through challenging environments and to make do with just enough throughout the process. And now with PGRI, an industry leader in running resorts who calibrate well to both our size and frequency, we can look toward growing responsibly, providing greater opportunities for both our team and our community, and positioning the business correctly for the future. We all believe, as does our new ownership group, that to continue to be Jay Peak, we need equal investments in people and products, infrastructure and ideology, present and future.
Offering written thanks for all of you for getting us here feels a little underwhelming but I hope you all know, as I've said prior, that we would have never been in this position without you. Buckling down and running the business despite the headlines and rumor mills and chat rooms filled with folks who had it all figured out. It was never easy, and we never expected it to be which makes this all just a little more satisfying.
We talked, way back in April of 2016, about a new line of before and after being drawn right in front of us. I'm happy to say there's another line being drawn today, a decidedly more hopeful one, and I'm very happy to be on the other side of it all with you.
Thanks again for so much,
Steve
