Magic Mountain in Londonderry, VT, announced they are selling shares to skiers. For $3,000 you could own one of 1,000 shares in the mountain. With ski areas closing up around the country, this creative financing could revive the New England resort.
Time will tell if skiers at the mountain will invest in exchange for discounts on passes and services, and a chance to own a piece of where they ski. Magic is modeling their plan after Mad River Glen, which sold shares starting in the mid 1990s and operates as a co-op.
Mad River, however, has a fanatical customer base. What other resort has skiers who will post stickers of the mountain anywhere in the world?The bumper sticker slogan, "Mad River Glen, Ski it if You Can," has resulted in sightings of the sticker around the world. The area is also a mecca for tele-skiers. Fans of Mad River, one of the few resorts to still ban snowboarding, are uniquely dedicated to their mountain.
Will Magic be able to entice it's customers to buy into their plan? Will it suffer the fate of so many other mountains? Let's hope there are 1,000 people who believe in the mountain and have the ability to invest.
Interesting post. A new trend? It reminds me of Green Bay Packer fans own the professional football team. It is unique.
Posted by: WAD | Jul 16, 2009 at 10:18 AM