TAOS, N.M. (AP) — One of New Mexico's top ski areas has been sold.
Taos Ski Valley officials announced Wednesday that wealthy conservationist and hedge fund owner Louis Bacon has agreed to buy the ski area. The sale price wasn't disclosed.
Taos Ski Valley CEO Mickey Blake says the ski area needs improvement, but the company doesn't have enough money for renovation.
Bacon has enough capital to buy new lifts, rebuild the base area and construct a hotel.
Blake says Bacon "shares our vision for the future of Taos Ski Valley."
Company officials say the deal could be completed by next month.
Taos Ski Valley Inc. isn't traded on the stock market, but has about 100 stockholders who would need to approve the sale.
The ski area was founded by the Blake family.