Pirates owner Bob Nutting announced today that he and his family reached an agreement to sell their three ski resorts to Vail Resorts for $125 million — or roughly half the annual payroll of the New York Mets.
The purchase includes the Seven Springs, Hidden Valley and Laurel Mountain ski destinations, plus a hotel, conference center and other related operations. The sale will be completed this winter.
Vail Resorts is a publicly traded company (NYSE: MTN) out of Colorado that has acquired several ski properties in recent years and now owns 37 sites around North America.
In its press release, Vail said: “The acquisition is expected to generate incremental annual EBITDA in excess of $15 million in Vail Resorts’ fiscal year ending July 31, 2023.” EBIDTA is Earnings Before Interest, Taxes, Depreciation, and Amortization, which is essentially net income. It’s a way to compare profitability among companies and industries, but differs from gross profit, which determines how well a company generates profit from its direct labor and materials.
According to the Post-Gazette: “The Nutting family will continue to own and operate several related businesses, including the Sporting Clays at Seven Springs, Seven Springs Golf Course and Hidden Valley Golf Club, plus Highlands Market, Highlands Resort Realty and certain real estate for future development.”
Bob Nutting selling everything but the Pirates 🤦♂️ pic.twitter.com/0hCRDhjlXa
— Barstool Yinzers (@BarstoolBurgh) December 8, 2021
