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Business and Economy

Investors Race To Raise Money To Close On Ski Area Purchase

RANGELEY, Maine - The Boston-based group that wants to revive the idled Saddleback ski area needs to line up $2 million ahead of a deadline for closing the deal on Dec. 23. Arctaris Impact Investors agreed to buy the ski area from the Berry family in November for $6.5 million.

Andy Shepard, the resort's general manager, tells the Portland Press Herald that the fundraising is necessary to show investors that Arctaris can raise money from the community.

The ski resort has been closed since 2015.