Baron Capital, Vail Resorts' largest shareholder with approximately 18.3% of the company's stock, publicly backed the existing board Oct. 30, adding a major investor's support as the company faces a challenge from activist investor Oasis Management ahead of a Dec. 14 board election.

The commitment came the same day Vail Resorts filed its definitive proxy statement with the U.S. Securities and Exchange Commission (SEC).

Oasis also narrowed its competing slate from four candidates to two. It filed a revised preliminary proxy Oct. 30, followed by its definitive proxy Nov. 2.

The proxy battle matters locally because Vail Resorts operates Park City Mountain under a long-term lease, and changes to the company's leadership could influence how the resort is managed.

Baron weighs in

Ron Baron, founder and CEO of Baron Capital, said his firm would vote for Vail's board nominees.

"Baron Capital will vote for Vail Resorts' nominees," Baron said in a statement published by his firm.

Baron said he believes CEO Rob Katz has the right strategy to restore sustainable earnings growth. He cited rental equipment, ski school offerings and investments in technology, mountain infrastructure and guest experience as opportunities.

Baron also strongly opposed Oasis's candidates and questioned their connections to Cloudflare CEO Matthew Prince.

He criticized Prince's stated interest in buying Park City Mountain, arguing that separating the resort from Vail's network would undermine long-term shareholder value.

Those statements reflect Baron's position in the contested election, not an independent determination of the proposed sale's merits.

Vail's Oct. 30 proxy materials reproduced Baron's statement while noting that permission to use the quotation had neither been sought nor obtained. Baron Capital separately published the statement on its own website.

Oasis scales back

Oasis Management withdrew the nominations of Olympic skiing champion Picabo Street and venture capitalist Bryce Roberts on Oct. 30.

Its definitive proxy filed Nov. 2 identifies two remaining candidates: former Walt Disney Co. CEO Robert Chapek and M. Ashton Hudson, founder and chairman of Riverwood Asset Management.

Street and Roberts, both Utahns, had been included in Oasis's original four-person slate.

Oasis and other participants in its proxy solicitation reported beneficial ownership of approximately 9.6% of Vail's outstanding shares.

The investment firm argues that Vail needs stronger board oversight, more effective operations and greater attention to guests and resort communities.

In its definitive proxy, Oasis challenged the company's financial performance and said a reconstituted board could improve marketing, pricing, resort operations and shareholder returns.

Oasis is seeking two seats on Vail's nine-member board, rather than control of the board.

Vail's case

Vail has urged shareholders to support all nine of its nominees, including Katz and MGM Resorts International CEO William Hornbuckle, who joined the board in 2026.

In its Oct. 30 filing, Vail accused Oasis of collaborating with Prince and questioned whether the activist investor's nominees could independently evaluate the company's strategy.

The company has argued that Prince wants to acquire Park City Mountain and that the potential connections between him and Oasis's original candidates raised governance concerns.

Oasis disputes Vail's criticism of its board nominees.

Prince has also denied coordinating with Oasis to control its selections. He previously acknowledged recommending several potential candidates to the investment firm, including Street and Roberts, but said he did not determine which candidates Oasis nominated.

The competing accounts have not established an agreement to sell Park City Mountain.

Vail has separately explained that it operates the resort through a 300-year lease and does not have the authority to sell the underlying property outright.

What's next

The annual shareholder meeting is scheduled for Monday, Dec. 14, at 9 a.m. Mountain Time as a virtual webcast.

Shareholders will elect nine directors.

The contested election includes Vail's nine nominees, Oasis's two candidates and independent nominee Gregory S. Meyer.

Vail is soliciting votes using a white proxy card, Oasis is using a blue card, and Meyer has filed separate proxy materials.

Under the election procedures described in Oasis's definitive filing, shareholders may vote for no more than nine director candidates. Voting for more than nine invalidates the shareholder's votes on the director election.

The outcome will determine the board overseeing Vail Resorts as it continues managing Park City Mountain and its broader network of ski resorts.