Following the acquisition of Whistler by Vail Resorts, Red Mountain came out swinging in August with plans to raise enough money to protect the “Powder Highway” ski area for years to come.
While many winter sports professionals were stoked on the “Fight The Man, Own The Mountain” crowdfunding campaign, whether or not the fundraising scheme would work remained a big unknown. Now, that uncertainty is gone as Red Mountain recently announced that they have reached their goal of $10 million dollars pledged and will now move to Phase II: Fierce and Independent.
“The response was immediate, passionate, and unequivocal. Our choice to plant the flag for independent skiing and snowboarding during a time of high-profile mergers and acquisitions really resonated.” – Howard Katkov, Red Mountain CEO
Known as “equity crowdfunding,” the campaign combines the best of co-op ownership with raw capital investment. Red Mountain CEO Howard Katkov is excited to begin phase two which will ask those who pledged money to make a real investment. In return, investors will receive an equity share of the ski area, family season passes, and exclusive access to overnight huts among other benefits.
Seeing as they reached the Phase I goal months ahead of the April deadline, Katkov is optimistic that the investment phase will also be succesful. “The groundswell of support from the snow community, the press, and investors has been nothing short of astonishing,” said the Red Mountain CEO. The second phase will be launched sometime this fall
Find all the benefits here: Fight The Man. Own The Mountain.