Vail Resorts is raising concerns about a potential connection between activist investor Oasis Management and Park City billionaire Matthew Prince as the battle for control of the ski company’s board intensifies.
According to KPCW, Vail alleged that Prince, the CEO of Cloudflare who has expressed interest in purchasing Park City Mountain, helped introduce two candidates for Oasis’ proposed board takeover. Vail filed with the Securities and Exchange Commission on October 19th.
Oasis Management, a Hong Kong-based hedge fund that owns approximately 9.6% of Vail Resorts’ common stock, launched a proxy fight in September. The activist investor believes replacing board members could improve the company’s profitability and performance.
Oasis has nominated four candidates, including Utah venture capitalist Bryce Roberts and two-time Olympic skier Picabo Street, a Park City resident. Vail says Prince introduced Street and Roberts to Oasis roughly one week before their nominations, raising questions about whether the candidates could have conflicts of interest related to Prince’s interest in acquiring Park City Mountain.
Prince confirmed to KPCW that he shared approximately 12 names with Oasis, including Street and Roberts. However he said he had no influence over which candidates the hedge fund ultimately selected.
Prince praised Roberts’ understanding of technology and innovation while saying Street represents the love of skiing that he believes Vail has lost. He also told KPCW he had discussed his potential Park City Mountain acquisition with neither candidate beyond the most cursory level.
Vail Questions Experience of Board Nominees
Vail also criticized the candidates’ qualifications following interviews. According to the company, Street and Roberts demonstrated limited knowledge of its services, products and strategic initiatives. Vail raised additional concerns about the other nominees, former Disney CEO Robert Chapek and Florida-based financier M. Ashton Hudson.
In a letter to shareholders, Vail CEO Robert Katz said the company’s board does not endorse any of Oasis’ nominees or Gregory S. Meyer, who nominated himself.
Katz defended Vail’s performance, noting that revenue declined just 3.5% during the challenging 2025-26 winter season. He also pointed to record guest satisfaction scores and positive results from the company’s pass offerings and pricing strategies across its 42 resorts.
Vail is asking shareholders to reelect its current board members while recommending that the board shrink from 10 members to nine. One current director will not seek reelection. The company has not announced a date for its annual shareholder meeting, which typically takes place in early December.