Mad River Glen: 20th Hole Land Acquisition

Overview

Mad River Corporation has received an offer to purchase approximately 1,100 acres of land surrounding the Mad River Glen ski area. The current ownership of the land has received an offer to purchase 1,100 acres of land surrounding our ski area, including the 19th & 20th terrain, a parcel north of Route 17, and across Route 17 from the Battleground. The offer price is $2.5 million from Lyme Mill Brook LLC, an anonymous family foundation managed by Lyme Timber Company.

The Mad River Glen Cooperative (MRG) holds a deeded 30-day Right of First Refusal (ROFR), triggered October 16, 2025 that enables the Cooperative to purchase the land on “substantially similar” terms as the original offer. The Cooperative Board held emergency meetings on October 29th and November 10th.

At the meetings there was strong consensus among shareholders to pursue the purchase; a straw poll showed no support for waiving the ROFR. Concerns existed around the anonymous nature of the buyer and lack of binding conservation detail. Many viewed this as a “once-in-a lifetime” opportunity to secure the mountain’s long-term independence and cultural integrity.

Financially, The Co-op is stable but faces upcoming capital needs (Stark’s Pub reconstruction, lifts, and grooming equipment). Taking on long term debt to secure the land purchase is not fiscally responsible and puts the Cooperative at risk. In broad terms the land acquisition cost equates to roughly $1,000 per shareholder. Fundraising mechanisms discussed include borrowing, donor gifts, bond issuance, or new share offerings. The Stark Mountain Foundation has offered to partner with MRG to raise funds, leveraging prior campaign infrastructure, 501(c)(3) status, and capacity for stock and corporate match gifts. The Cooperative weighed the following key considerations.

Key Considerations

Option 1: Waive the ROFR

Pros: Land conserved in perpetuity at no cost to the Co-op; continued public access likely.

Cons: Permanent loss of ownership and control; future operations limited by the buyer’s easement terms.

Option 2: Exercise the ROFR and Purchase the Land

Pros: MRG secures full control, preserving autonomy and alignment with its founding vision. Ownership ensures continued recreational access and stewardship flexibility.

Cons: Without significant support and fundraising from shareholders and the MRG ski community the purchase will put the Cooperative in financial peril. The Cooperative doesn’t have the ability to support long term debt payments of the magnitude required for this purchase.

The Board votes to Exercise!

The Cooperative Board voted to exercise its ROFR and committed to raising funds for the purchase at their November 10th meeting. The Cooperative then submitted their substantially similar offer on Friday, November 14, 2025. The Mad River Glen Cooperative (MRG) is now working with the Mad River Corporation to finalize the purchase & sale agreement.

Next Steps

1. Finalize Purchase & Sale Agreement.

2. Set date for Special Shareholder Meeting and develop ballot to shareholder vote to authorize the Cooperative to finalize the purchase. Vote must take place within 75 days of signing the P&S Agreement.

3. SMF to coordinate with MRG leadership on fundraising strategy, major donor engagement, and communications planning in order to raise $2.5 million to purchase the land.

Summary Insight

This moment represents a strategic inflection point for Mad River Glen. Exercising the ROFR would ensure community stewardship of the mountain’s surrounding lands and safeguard its future character. The Stark Mountain Foundation is positioned to play a pivotal, enabling role in financing and framing this generational opportunity. Please contact them (contact@starkmountain.org) with any questions you have in regards to charitable giving.

Purchasing 1,100 acres of surrounding land — a $2.5 million once-in-a-lifetime opportunity to secure permanent ownership and preserve the unique terrain that offers amazing skiing, snowshoeing and hiking.

Under the Co-op’s Right of First Refusal, we have matched the current $2.5 million offer to put this land under our ownership. The Board acted by November 15th, and now it is our time to make a difference. .

If we all step forward, this goal is attainable. With 2,500 shareholders, raising $5 million averages about $2,000 per shareholder. Some will give more, some less—but every donation matters. Your participation illustrates that our community stands ready to protect and invest in the mountain we love.

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