Canyons sale did not close | ParkRecord.com
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Canyons sale did not close

A senior official at Talisker Corp. said Friday the Toronto-based developer will finalize its purchase of The Canyons.

"We will be closing on The Canyons in the very near future," Mark Thorne, Talisker senior vice president for resort development, said in a telephone interview.

The deadline for Talisker to close was Friday. Vail Resorts, Inc., another Canyons suitor, waits should the deal collapse.

But an extension agreement extended the deadline to June 12, Tim Vetter, a vice president at The Canyons, said Friday.

Park City-based American Skiing Company, the parent company to The Canyons, announced its plans to sell the resort to Talisker last July for $100 million.

Talisker is in legal wrangling with Vail Resorts, which blames the developer for interfering in a deal they negotiated to buy The Canyons last year.

"Our interest in The Canyons has not changed since we filed the action," Vail Resorts attorney Robert Blume said Friday.

Officials at Vail claim ASC could reap $650 million from its purchase of The Canyons, in addition to a $110 million purchase price.

A June 2 agreement allowed Talisker Canyons Finance Co. until June 6 to finalize the sale, according to Securities and Exchange Commission documents filed by American Skiing Company.

Talisker agreed last year to finalize the transaction by Dec. 31, 2007.

The developer might have risked losing a $12.5 million deposit if the deal was not finalized Friday, according to the SEC document.

Negotiations were still underway this week, American Skiing Company officials said.

More than a decade ago, Wolf Mountain Resorts combined several parcels of land and leased thousands of acres at The Canyons to ASC.

Wolf Mountain still controls the land leased to The Canyons and would be Talisker’s landlord should the company acquire the resort near Park City.


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