According to a June 18 article from Semafor, the largest ski resort operator in the world, Vail Resorts, may be under pressure from activist investor Oasis Capital Management to make changes at the company and consider selling some of its mountains. Vail Resorts has hired a takeover-defense company to help manage this looming fight. Cloudflare CEO Matthew Prince, who has been trying to buy Park City Mountain (PCMR) from Vail, has repeatedly claimed that activist investors may be targeting Vail Resorts. The takeover-defense company will help Vail Resorts respond to an activist campaign and will also reportedly assist with labor and weather related shortfalls. This comes as shares of Vail Resorts (MTN) are down 7.6% from one year ago.
Matthew Prince is continuing his 14 month push for Vail Resorts to sell PCMR. Prince said on X (Twitter), posting back to the Semafor report, “It’s inevitable that Vail’s management who have proven to be such incompetent capital allocators will change.” Someone asked back, “Shall I cancel my pass? Or is it going to be better next year?” Prince responded with, “I don’t think anything in Vail’s control will be better next year. But more optimistic over the longer term after a management change.”
One of Vail Resorts’ largest shareholders is Baron Capital, which holds about 14.2% in Vail Resorts. Led by investor Ron Baron, the firm first built its position during the 2009 downturn and has remained a long-term holder ever since, even increasing its stake by approximately 4.9% (about 234,000 shares) in Q1 2026. That continued accumulation signals strong conviction in Vail’s ownership model, specifically the belief that controlling a portfolio of 42 destination ski resorts is a structural advantage rather than an inefficient use of capital. Baron is a stabilizing force within Vail’s shareholder base, materially raising the hurdle for any activist-led campaign seeking strategic change. Baron has also been openly skeptical of the “asset-light” thesis promoted by Matthew Prince, arguing that physical ownership of ski resorts creates a durable competitive moat that would be difficult to replicate under a franchised or partnership model. The tension has also taken on a more personal dimension, with Prince publicly referencing a voicemail from Ron Baron telling him to “go to hell” in relation to his Park City acquisition push, underscoring just how direct and adversarial the divide has become between key figures on opposite sides of the debate.
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In early June, Matthew Prince said in a Colorado Sun interview that he had gotten calls from investors wanting to discuss Vail transitioning to an asset-light model by selling off various properties. As part of an asset-light approach, Vail Resorts would continue to sell the Epic Pass to consumers by partnering with individual resorts. Prince also said in the interview that “he is ready to invest $500 million in the Park City ski area, with a focus on snowmaking, lift upgrades, and sharing profits with employees.” In an October 27 interview with SnowBrains, Prince stated that local ownership of PCMR is inevitable. Last May, Vail Resorts underwent some leadership changes as Rob Katz returned to the CEO job after Kirsten Lynch stepped down. Katz has continued to maintain that Vail Resorts has no plans to sell any of its properties.
Recent reports claim that Vail Resorts has hired a takeover-defense firm in an effort to be prepared for an activist campaign, and now, it appears as if Oasis Capital Management is taking aim at the publicly traded company. As the owner of 42 ski resorts across the world, Vail Resorts will need to respond to a pressure campaign mounting from Prince, who has his eyes on purchasing PCMR. While MTN shares remain down 7.6% over the past year, they have rebounded nearly 16% over the last month, in the wake of activist investors, indicating serious consideration from investors may already be underway.