Vail Resorts says Park City billionaire Matthew Prince introduced two candidates to an activist investor seeking seats on the company's board.
In an Oct. 19 filing with the Securities and Exchange Commission, Vail questioned whether Prince recommended Olympic skiing champion Picabo Street and venture capitalist Bryce Roberts to Oasis Management to advance his interest in buying Park City Mountain.
Vail said Prince introduced the two candidates about a week before Oasis nominated them. The company raised concerns about possible conflicts of interest but did not establish that either nominee had agreed to support a sale.
Prince, the CEO of Cloudflare, acknowledged recommending candidates but denied influencing Oasis's decisions.
In an Oct. 20 email to KPCW, Prince said he had suggested about 12 people, including Street and Roberts.
He said he had no influence over whom Oasis selected. He also said he had discussed his interest in acquiring Park City Mountain with the two candidates only briefly.
Prince has publicly expressed interest in buying the resort from Vail Resorts, which owns and operates Park City Mountain.
Four candidates challenge Vail's board
Oasis, a Hong Kong-based investment firm, is seeking to elect four directors to Vail's nine-member board.
Its nominees are Street, Roberts, former Walt Disney Co. CEO Robert Chapek and investor M. Ashton Hudson.
According to Oasis's Oct. 13 SEC filing, the firm owns approximately 9.6% of Vail's outstanding common shares. It also has additional economic exposure through financial contracts known as swaps.
Oasis argues that Vail needs stronger board oversight and changes to its operations, pricing and guest experience. Its filing does not propose selling Park City Mountain to Prince.
Vail has urged shareholders to reject all four Oasis nominees. In its filing, the company also questioned Street's and Roberts's knowledge of Vail's operations and their experience serving on public-company boards.
Those assessments are Vail's position in a contested election, not independent findings about the candidates' qualifications.
Shareholder vote ahead
Vail's shareholders will decide the board contest at the company's annual meeting. A meeting date had not been announced as of Oct. 21.
Even if all four Oasis nominees win, they would hold a minority of seats on the nine-member board.
The contest comes as Prince continues to express interest in acquiring Park City Mountain. Neither Vail's filing nor Oasis's proxy materials establish an agreement to sell the resort.
