Vail Resorts accused its stockholder, Oasis Management, of working with Park City billionaire and Cloudflare CEO Matthew Prince in an Oct. 19 Security and Exchange Commission filing.
Oasis is a Hong Kong-based hedge fund that now owns 9.6% of Vail common stock. In September, the activist investor launched a proxy fight against Vail. That’s when a shareholder tries to replace existing board members and influence a business’s strategy.
Oasis filed a preliminary proxy statement Oct. 19, reiterating its belief a reconstituted board would make Vail more profitable.
The fund recommended four people to Vail’s board, including Utah venture capitalist Bryce Roberts and two-time Olympian and Park City resident Picabo Street.
Now, Vail says Prince introduced Street and Roberts to Oasis one week before their nominations, “raising questions regarding potential conflicts of interest.” The resort company said Prince may have recommended the two Utahns as they could help him buy Park City Mountain.
As KPCW first reported, Prince said he wanted to buy the Vail-owned resort in 2025, then doubled down on that desire in August.
In an email Tuesday, Prince told KPCW he sent around 12 names to Oasis, including Street and Roberts. He said, “any of them would have brought an improvement to Vail’s current board,” but he “had no influence over who Oasis decided to move forward with.”
“I thought Bryce would be great because of his deep understanding of technology and innovation. And Picabo for her recognition of the love and magic of skiing, both of which Vail has forgotten or lost,” Prince said. “I’ve not discussed my plans to acquire Park City Mountain with either Bryce or Picabo beyond at the most cursory level.”
According to Vail, board interviews with Street and Roberts only added to concerns. The company said, “Neither candidate demonstrated basic knowledge about the Company’s services, products, and strategic initiatives … causing the Board to question the level of rigor and commitment.”
Vail said a competitor’s president and chief operating officer also introduced Roberts to Oasis, raising further questions about conflicts of interest.
The resort company had similar reservations regarding Oasis’ other nominees: former Disney CEO Robert Chapek of Florida and Florida-based financier M. Ashton Hudson.
While Vail acknowledged Chapek is the only Oasis nominee with relevant industry experience, the board was concerned about the circumstances of his termination from Disney in 2022. The board also said Hudson could not articulate how his entrepreneurial experience would support Vail.
In a letter to shareholders, Vail CEO Robert Katz said the board does not endorse any Oasis board nominees or Gregory S. Meyer, who nominated himself.
Katz said despite the challenging 2025-2026 winter, revenue declined just 3.5% for the year. He said new passes and pricing strategies across its 42 resorts have shown positive results: the company had record guest satisfaction scores last year and is outperforming its competitors.
One member of Vail’s 10-member board is not standing for reelection. Vail recommends capping the board at nine and is asking shareholders to re-elect all current members before the company’s annual meeting.
A meeting date has not been announced, but is usually in early December.
