BROOMFIELD, Colo. — Vail Resorts has secured the support of its largest shareholder as a high stakes battle over the future of one of the world’s biggest ski resort operators heads toward a December vote.
Billionaire investor Ron Baron announced Friday, October 30, that his investment firm, Baron Capital, will support Vail Resorts’ existing leadership in its ongoing proxy fight with activist investor Oasis Management.
Baron Capital owned approximately 18% of Vail Resorts’ outstanding shares at the end of June, making its endorsement a significant development ahead of the company’s December 14 annual shareholder meeting.
“Baron Capital will vote for Vail Resorts’ nominees,” Baron wrote in a statement published October 30.
Baron expressed confidence in CEO Rob Katz and the company’s strategy, arguing that Vail Resorts can generate stronger earnings by improving ski school offerings, equipment rentals, technology and the overall guest experience rather than breaking apart its network of mountain resorts.
Activist Investor Wants Changes at Vail Resorts
The endorsement comes as Oasis Management, which controls approximately 9.6% of Vail Resorts’ shares, is pushing to change the company’s board of directors and its approach to running ski resorts.
Oasis argues that Vail Resorts has failed to maximize the value of its mountain properties and has allowed problems involving customer experience, pricing and operational performance to persist.
The activist investor launched its proxy fight in September, initially nominating four candidates for the company’s board, including former Disney CEO Bob Chapek and Olympic ski racing champion Picabo Street.
However, an updated filing with the Securities and Exchange Commission on October 30 shows Oasis has reduced its proposed slate to two candidates: Chapek and M. Ashton Hudson. Street and venture capitalist Bryce Roberts are no longer included in the revised slate.
Oasis says the proposed directors would bring additional expertise in hospitality, marketing, corporate governance and customer experience. The two candidates would represent a minority of Vail’s nine-member board if elected.
Vail Resorts has pushed back against those arguments, maintaining that its existing leadership is making progress through its Epic Experience initiative, which focuses on improving guest services, technology, pricing options and operations across its 42 owned and operated resorts.
In an October 30 letter to shareholders, the company urged investors to support all nine of its preferred board candidates.
The Fight Over Park City Mountain
The shareholder battle has become increasingly complicated by the involvement of billionaire Matthew Prince, CEO of technology company Cloudflare, who has publicly expressed interest in purchasing Park City Mountain Resort from Vail Resorts.
Prince has been an outspoken critic of the company’s management and has argued that Park City Mountain could be better operated under different ownership.
Vail Resorts has raised concerns about Prince’s connections to Oasis nominees, alleging that he helped introduce potential board candidates to the activist investment firm.
Prince has acknowledged recommending potential candidates to Oasis but has said he did not control which individuals the firm ultimately nominated.
Baron also criticized the prospect of selling Park City Mountain, arguing that separating major properties from Vail Resorts’ broader network would damage longterm shareholder value.
No agreement to sell Park City Mountain has been announced, and Oasis’ latest board proposal does not itself authorize the sale of any resort.
Vail Resorts Shareholders Will Vote December 14
The dispute comes during a difficult period for Vail Resorts, which has faced declining pass sales, unfavorable snow conditions and growing criticism over the cost and experience of skiing at some of its properties.
The company reported net income of $147.5 million for fiscal 2026, down from approximately $280 million the previous year. Season pass unit sales through September 18 were also down roughly 12% compared with the same period in 2025.
Despite those challenges, Vail’s leadership argues that recent investments and changes to its business strategy will improve financial performance in the coming years.
The two sides have also explored a possible resolution. Oasis disclosed that it entered into a confidentiality agreement with Vail Resorts on October 26 to facilitate discussions about a potential settlement of the proxy contest. No settlement has been announced.
Vail Resorts’ annual shareholder meeting is scheduled for December 14, with shareholders of record as of October 19 eligible to vote.
The outcome could influence the company’s future approach to resort operations, lift investments, pricing and its extensive Epic Pass network. For now, the endorsement from Baron Capital gives Vail’s management a major shareholder ally as the battle over the company’s direction continues.
