Nick Badami says he sold Park City Ski Resort to Salt Lake financier Ian Cumming because Badami is growing old and wants the resort in the "right hands."
The $42 million transaction, announced Monday, leaves Badami with a 20-percent share of Powdr Inc., the new parent company, and lets him stay on as chairman and chief executive officer."Just the fact that I'm 73 years ought to be enough (of an explanation)," Badami said Monday.
On Tuesday, he told Park City radio station KPCW there were other offers for the ski resort, but Cumming won out because of his interest in bringing the 2002 Winter Olympics to Utah, his role as an activist with the Nature Conservancy and his hometown ties.
"He's also a skier," said Badami.
Cumming, 52, is president of Leucadia National Corp., a publicly traded firm that owns various insurance, banking and manufacturing concerns. Leucadia, traded on the New York Stock Exchange, has assets estimated at $4.7 billion.
Cumming, who has a residence in Salt Lake City, also served as chairman of the Utah Sports Authority when it was formed in 1990 to champion Salt Lake's effort to win a bid as host of the Winter Olympics. For two years he has been on the National Board of Governors for the Nature Conservancy.
"He's an active conservationist and a generous supporter of the conservancy's Utah programs for over eight years," said Dave Livermore, director of the group's Great Basin field office.
Badami said visitors and employees alike will notice few immediate changes at the resort, though Monday's acquisition gives the resort deeper pockets.
"Hopefully we can improve it and also expand the business and get it ready for the Olympics," he said, noting, however, that the resort already has an ongoing improvement program.
The deal, which tendered stock for $10.67 a share following weeks of speculation that saw the price of stock in Powdr Corp. double, came amid speculation that a buyout was impending.
Badami, who has homes at Lake Tahoe, Reno and in Park City, said the timing of the sale was coincidental with last week's purchase of ParkWest Ski Resort by local businessman Michael Baker.
"Ski areas have been changing hands for the last 10 years," he said.