Town of Virgil, NY (WBNG Binghamton) Greek Peak will be under new ownership, but will continue to operate as normal. A federal bankruptcy court in Syracuse approved the sale of the town of Virgil resort to two Elmira-based businessmen.
For years John Meier and Marc Stemerman have been hitting the slopes at Greek Peak Resorts. Now they're donning employee jackets and buying the ultimate season pass.
"It is an oasis for our families," Stemermen said. "The thought of this ever closing, we couldn't handle it."
The pair will pay $7.5 million for all of Peak Resorts and its assets. The auction came after months of struggling with Chapter 11 bankruptcy.
"Sometimes in life you go through a set of circumstances or situations that you don't know why you're going through it," said Al Kryger, former owner. "But I do believe the right people got the resort."
Kryger said the deal came just in time. The alternative was a liquidation of assets.
"Am I sorry that I lost my investors a lot of money? Absolutely, I'm sorry," Kryger said.
The sale isn't final until April 19, but customers can expect to see changes immediately. They will start with discounted season passes for next year.
"I think where our focus is going to be in the years ahead is on the mountain," John Meier said. "And how we can put the focus on the skier and snowboarder."
The pair plans are to build quad lifts to make the mountain more family-friendly.
"I think their focus is right on with that there's definitely some improvements that need to be made,"said Kathleen Timmerman, of Greek Peak Ski Sales. "That's no secret here at Greek Peak. I think they're spot on there."
Meier and Stemerman say they want to keep all current employees, including the Krygers as managers. The news comes as no surprise to those who work there now.
"I've been with the resort for more than 10 years, so I had a lot of confidence that the resort was going to continue running, so we had to just wait and see how it would play out," said Becky Darling, Greek Peak Sales Director.
Greek Peak employs nearly 1,000 people in Virgil during the ski season. It is the largest resort in Central New York attracting an average of 250,000 skiers each year.