Key facts
- Baron Capital, Vail Resorts' largest investor with an 18% stake, will vote for management's nominees.
- Oasis Management, Vail's fourth-largest shareholder with a 9% stake, nominated four director candidates.
- Oasis Management seeks operational changes, including the possible sale of some mountain assets.
- Matthew Prince is pushing to buy Park City Mountain Resort from Vail.
Vail Resorts has secured the backing of its largest investor, Baron Capital, in its boardroom battle with activist fund Oasis Management. Baron Capital, which owns 18% of Vail's stock, announced on Friday that it will support Vail's management and director nominees in the upcoming election. The firm believes CEO Rob Katz's strategy is appropriate for sustainable earnings growth. Oasis Management, holding a 9% stake, has nominated four directors and is pushing for operational changes, including the potential sale of some mountain assets. Baron Capital also expressed concerns about Oasis's alleged coordination with Cloudflare CEO Matthew Prince, who is seeking to purchase Park City Mountain Resort from Vail, calling the effort "short-sighted and destructive."