PARK CITY, Utah - Vail has just purchased Park City Mountain Resort for $182.5 million.

Officials announced Thursday Powdr, one of the largest privately owned mountain sports companies in North America, sold PCMR to Vail.

"Selling was the last thing we wanted to do, and while we believe the law around this issue should be changed, a protracted legal battle is not in line with our core value to be good stewards of the resort communities in which we operate," John Cumming said, CEO of Powdr. "A sale was the only way to provide long-term certainty for PCMR employees and the Park City community. My family and I are extremely grateful to have had the opportunity to play a role in making PCMR what it is today, and we deeply appreciate the dedicated employees and all of the people who have supported us over the years."

In the agreement, Vail must keep all current PCMR employees in their current roles.

Click here to read the full announcement from Vail Resorts

Talisker sent Fox 13 this statement on the sale:

Talisker is extremely pleased that Vail Resorts has reached a long-term solution with PCMR and we look forward to Vail providing a world-class mountain experience for the guests, employees, residents and business owners of Park City. We appreciate the faith and confidence that everyone placed in the judicial process to bring the parties to this outcome.

Park City Mayor Jack Thomas sent Fox 13 this statement on the sale:

On behalf of the Park City Municipal Corporation, I am pleased there is a resolution that secures our community’s economic future. We have come to know Vail Resorts’ organization and look forward to a collaborative working relationship with its CEO Rob Katz and his team. At this juncture I want to pause and take a moment to honor the enduring legacy of World Cup skiing in Park City that had its origins at Park City Mountain Resort as well as Park City Mountain Resort’s role as a major venue for the 2002 Winter Olympics. The founders and current owners of Park City Mountain Resort have been integral to the success of the Park City community. We will be forever grateful for the vision and foresight of Edgar Stern, Nick and Craig Badami, John and Kristi Cummings, as well as Jenni Smith and the thousands of employees over the years who have contributed to the success of Park City Mountain Resort and this amazing town we are privileged to call our home.

Vail officials said they hope to connect PCMR and The Canyons for the 2015-2016 ski season to create the largest single ski resort in the US with 7,000 skiable acres.

"We have the potential and we're gonna be starting work on the plan to connect the two resorts with a lift," said Blaise Carrig, President of Vail Resorts.

Carrig will live in Park City for the coming months and work as interim COO of the resort.

The sale will affect Epic Pass holders.

PCMR will now be featured on the Epic Pass from Vail Resorts.

The changes for Epic Local Pass holders have not yet been confirmed.

The 2014-15 Epic Pass features unlimited, unrestricted skiing and riding at Vail, Beaver Creek, Breckenridge, Keystone and Arapahoe Basin in Colorado; Park City Mountain Resort and Canyons in Park City, Utah; Heavenly, Northstar and Kirkwood at Lake Tahoe; Afton Alps in Minnesota and Mt. Brighton in Michigan.

Adult Epic Pass: $749

Child Epic Pass (ages 5-12): $389

FAQs answered by Vail:

What passes get access to Park City Mountain Resort? Four passes will have access to Park City Mountain Resort. Epic Pass – Epic Pass holders will now have unlimited, unrestricted access to Park City Mountain Resort

Epic 7-Day – Epic 7-Day holders will be able to use their days at Park City Mountain Resort

Epic 4-Day – Epic 4-Day holders will be able to use their days at Park City Mountain Resort

Epic Local Pass – The Epic Local Pass will have access to Park City Mountain Resort. Exact details about restrictions will be released at a later date. When will I know what access the Epic Local Pass has? The details of Park City Mountain Resort access on the Epic Local Pass will be finalized in the coming weeks. Stay tuned to EpicPass.com for full details. If I already purchased my Epic Pass, Epic 7-Day, Epic 4-Day, or Epic Local Pass do I need to do anything to add Park City Mountain Resort? No, if you have already purchased an Epic Pass, Epic 7-Day, Epic 4-Day or Epic Local Pass you will receive the access free of charge. There is no additional cost and the pass will automatically be active at Park City Mountain Resort. You do not need a new pass to gain access. If I already purchased a Vail Resorts season pass, can I upgrade to get Park City Mountain Resort access? Yes, you can upgrade your pass by visiting a season pass sales location or calling the call center at 800-842-8062. If I purchased a Park City Mountain Resort pass already can I exchange for a pass that has both Canyons and Park City Mountain Resort? Yes, you can exchange for a season pass that includes both, like the Epic Pass. Because the sale just occurred we will not be able to exchange or upgrade Park City Mountain Resort passes to Vail Resorts season passes right away. Exact details will be available in the coming weeks. Please stay tuned to EpicPass.com for full details. If I have a Park City Mountain Resort pass can I still use it this season? Yes, your Park City Mountain Resort pass will be honored at Park City Mountain Resort this season. Will Park City Mountain Resort season pass benefits continue to be offered? Season pass benefits will continue to be a part of all season passes offered. Benefits for all Vail Resorts season passes can be found on each season passes’ detail page. Stay tuned to EpicPass.com for complete details related to Park City Mountain Resort passes.

Park City Mountain Resort will have to post $17.5 million bond if it wants a ski season

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